The Bank of England (BoE) has dramatically shifted its economic forecasts. They no longer expect a recession in the UK and have upgraded their growth projections. This year, the BoE predicts GDP growth of +0.25%, a significant improvement from previous expectations. Next year's forecast is even more optimistic, with a projected growth of 0.75%.
GBP/USD: bears can pull the pair down
2019-11-11 • Updated
SELL 1.2705 SL 1.276 TP1 1.2605 1.2505 TP3 1.2405,
BUY 1.2925 SL 1.287 TP1 1.3025 TP2 1.3065 TP3 1.3315
On the daily chart of GBP/USD, bears managed to pull the pair to the lower border of the triangle. If they break the support at 1.27, the pair will continue to move towards the 161.8% target of AB=CD.
On H1, breaking of the support at 1.2705 will move the pair downwards to the line of the “Three Indians” pattern and 161.8% target of AB=CD. On the other hand, if the resistance at 1.2925 is broken, the “Broadening wedge” pattern will be activated.
On Wednesday, the US dollar weakened in anticipation of the US CPI data, which could influence market exposure. A Bloomberg survey predicts a year-on-year read of 5.0% to the end of April. Market sentiment is affected by the US debt ceiling and issues with regional banks. While the major APAC equity indices are...
I know we've had quite an amazing run these past few month, with over 78% accuracy in our trade ideas and sentiments, and thousands of pips in profits monthly...
Let's dive into the latest developments shaping the global economic landscape. Good news first: the threat of an unprecedented US debt crisis has receded, as US lawmakers passed a bill to raise the debt ceiling and avoid a catastrophic default. Phew! But don't pop the champagne just yet, because storm clouds are still looming. High inflation, rising interest rates, and sluggish growth are challenges that have yet to disappear.
Thanks to the incredible advancements in horizontal drilling and fracking technology, the United States has experienced a mind-blowing shale revolution. They've become the heavyweight champion of crude oil production, leaving Saudi Arabia and Russia in the dust. They even turned the tables and became net exporters of refined petroleum products in 2011.
Let's dive into the world of gold. Currently, the price of gold, represented by XAUUSD, is stuck in indecision, hovering around the $1,975 mark. The market is anxiously awaiting two important factors: the release of the Federal Reserve's meeting minutes and the extension of the US debt ceiling.