GBP/USD
Resistance Level 2: 1.2240
Resistance level 1: 1.2200
Spot price: 1.2165
Support bit 1: 1.2100
Support bit 2: 1.2080
GBP/USD was last up 0.14% at 1.2158. Although the pound showed some resilience last week, weak key economic data put it at a disadvantage. British retail sales were weak in September and consumer confidence dropped significantly, which began to greatly reduce the probability of the UK continuing to raise interest rates. Next, the UK faces high public debt, a possible recession, rising energy prices and an upcoming general election, all of which could limit economic growth and adversely affect the pound. Therefore, we still cannot have much hope for the rebound of the pound for the time being. On the daily chart, GBP/USD is still struggling below the middle track of the Bollinger Bands channel, and the area above 1.2350 has recently become a heavy pressure level that is difficult for GBP/USD to overcome. If it cannot break above this resistance level, there is still a risk of continuing to threaten the 1.20 mark.
Resistance Level 2: 1.2240
Resistance level 1: 1.2200
Spot price: 1.2165
Support bit 1: 1.2100
Support bit 2: 1.2080
GBP/USD was last up 0.14% at 1.2158. Although the pound showed some resilience last week, weak key economic data put it at a disadvantage. British retail sales were weak in September and consumer confidence dropped significantly, which began to greatly reduce the probability of the UK continuing to raise interest rates. Next, the UK faces high public debt, a possible recession, rising energy prices and an upcoming general election, all of which could limit economic growth and adversely affect the pound. Therefore, we still cannot have much hope for the rebound of the pound for the time being. On the daily chart, GBP/USD is still struggling below the middle track of the Bollinger Bands channel, and the area above 1.2350 has recently become a heavy pressure level that is difficult for GBP/USD to overcome. If it cannot break above this resistance level, there is still a risk of continuing to threaten the 1.20 mark.