The GBPUSD currency pair has been all over the place during the trading session on Thursday, as the BankofEngland raised interest rates by 50 basis points.
This is because the British economy is suffering at the hands of inflation, but so is everybody else. At this point, people are starting to pay close attention to the interest rate differential between the two economies, which favors the United States, but it has narrowed quite a bit now that we have seen the BOE act. That being said, we have thebelow the bottom of the candlestick, we are almost certainly going to see this market test the 1.20 level.
Ultimately, this is a market that I think will continue to be very noisy in general, but it looks to me like you are still in a relatively strong downtrend. In fact, it’s not until we break above the 1.25 level that I think the entire trend has changed, something that will take quite a bit of effort to make happen.
Pay close attention to how this market closes on Friday because it could give you an idea as to how people feel about the British pound and the US dollar as holding a currency over the weekend is a completely different situation altogether. Because of this,
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