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: pound is overbought
2019-11-11 • Updated
Technical levels: support – 1.3400; resistance – 1. 3575.
- Sell — 1.3575; SL — 1.3595; TP1 — 1.3500; TP2 — 1.3475.
Reason: expanding bullish Ichimoku Cloud, rising Senkou Span A; a golden cross of Tenkan-sen and Kijun-sen with the rising Tenkan-sen; but the market is overbought – waiting for the correction.
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