Looking at GBP/USD levels ahead of BOE rate decision
The dollar index rose on Friday after unexpectedly firm U.S. jobs data and Michigan sentiment sent Treasury yields flying as traders pruned bets on rapid Fed rate cuts next year, with focus now turning to next week's inflation reports and Fed's final 2023 meeting. Tuesday we have the UK unemployment rate. Together with US Core inflation AND CPI. The BOE Interest rate decision due on Thursday is expected to be unchanged.
The weekly chart shows cable has been in a long-term down move since 2007 and offers a lot of resistance above 1.3000. Near term the market has seen repeated failure at 1.2725 and ahead of these numbers we expect the market to remain on the defensive.
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The weekly chart shows cable has been in a long-term down move since 2007 and offers a lot of resistance above 1.3000. Near term the market has seen repeated failure at 1.2725 and ahead of these numbers we expect the market to remain on the defensive.
Disclaimer:
The information posted on Trading View is for informative purposes and is not intended to constitute advice in any form, including but not limited to investment, accounting, tax, legal or regulatory advice. The information therefore has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. Opinions expressed are our current opinions as of the date appearing on Trading View only. All illustrations, forecasts or hypothetical data are for illustrative purposes only. The Society of Technical Analysts Ltd does not make representation that the information provided is appropriate for use in all jurisdictions or by all Investors or other potential Investors. Parties are therefore responsible for compliance with applicable local laws and regulations. The Society of Technical Analysts will not be held liable for any loss or damage resulting directly or indirectly from the use of any information on this site.
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