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Capital Finance International Magazine (CFI.co)颁赠
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Capital Finance International Magazine (CFI.co)颁赠
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荣获Global Forex Awards 2021 — 零售外汇 颁赠
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World Finance 2021颁发
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2013最佳创新外汇平台奖
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2020年 Cyprus HR Awards 颁赠
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认证最优金牌级别
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2014年首届亚军
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Finance Magnates 颁发
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Finance Magnates 颁发
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荣获2023年City of London Wealth Management Awards
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2021年迪拜外汇博览会获颁赠
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Capital Finance International Magazine (CFI.co)颁赠
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Capital Finance International Magazine (CFI.co)颁赠
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荣获2019年City of London Wealth Management Awards
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Shares Magazine 授予 UK Forex Awards 2018
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Capital Finance International Magazine (CFI.co)颁赠
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2017年伦敦财富管理奖
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2016最佳本土 客户服务
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2014年最佳外汇科技提供商
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World Finance Forex Awards 2022 颁发
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market news
Double top pattern formed before Bank of England interest rate decision
Wonderful introduction:
Since ancient times, there have been joys and sorrows of parting, and since ancient times, there have been sad songs about the moon. It’s just that we never understood it and thought everything was just a distant memory. Because without real experience, there is no deep inner feeling.
Hello everyone, today XM Forex will bring you "[XM Group]: Double top pattern formed before the Bank of England interest rate decision". Hope this helps you! The original content is as follows:
On Thursday (November 6), the price of GBP/USD showed an overall upward trend. In early trading, the price mainly rose with slow shocks, then accelerated in the afternoon, and then fell back slightly but still remained at a high level. This trend reflects the dominance of short-term bullish forces and market buying pushing prices higher.
The pound/dollar exchange rate fell to its lowest level since April after UK Chancellor of the Exchequer Rachel Reeves hinted that her upcoming budget would include tax increases. Meanwhile, traders are awaiting the Bank of England's upcoming interest rate decision, a factor that also pushed the pair lower.
UK tax increase and Bank of England interest rate decision
The GBP/USD exchange rate fell sharply after Rachel Reeves gave a pre-budget speech in Parliament. In his speech, the British Chancellor of the Exchequer hinted at increasing taxes on the rich.
This tax increase coincides with the fact that some wealthy people have chosen to immigrate to other countries to avoid taxes. What is even more noteworthy is that the tax increase www.xmserving.comes at a time when British residents are suffering from high inflation - the British inflation rate soared to 3.8% in September.
The current stagflation situation in the UK may also continue for some time. Stagflation refers to a state in which a country's economic growth stagnates in a high-inflation environment.
It is against this background that the Bank of England will announce its interest rate decision later today. Economists expect that a majority of central bank members will vote to maintain interest rates at current levels. Cutting interest rates during a period of high inflation will further push up prices.
The day before the Bank of England decision was announced, the United States released strong economic data. Data from Automated Data Processing (ADP) showed that the private sector added 42,000 jobs in October after losing 32,000 jobs in September.
More numbersIt was shown that U.S. service sector output has improved. The Institute for Supply Management (ISM) non-manufacturing purchasing managers index (PMI) rose to 52.4 in October from 50 in the previous period, while the similar index published by S&P Global rose to 54. PMI readings of 50 and above indicate that the industry is in expansion mode.
Technical Analysis
The daily chart shows that the GBP/USD exchange rate has fallen sharply over the past few months, falling from a high of 1.3726 in September to a low of 1.3009 this week.
The exchange rate has fallen below the important support level of 1.3140. This level is both the lowest point on August 1 and the neckline of the double top pattern of 1.3724. The double top pattern is one of the most typical bearish patterns in technical analysis.
GBP/USD has fallen below the 38.2% Fibonacci retracement level of 1.3140, and has also crossed below the 50-day and 200-day exponential moving averages.
Therefore, the most likely trend prediction for GBP/USD is bearish, with the next key target being the 50% retracement level of 1.2940. Another possibility is that the pair rebounds and retests the key resistance at 1.3141.
Short view
Sell the GBP/USD currency pair and set a profit target of 1.2900. Set stop loss at 1.3140. Time period: 1-2 days.
Bull view
Buy the GBP/USD currency pair and set a profit target of 1.3140. Set stop loss at 1.2900.
The above content is all about "[XM Group]: Double top pattern formed before the Bank of England interest rate decision". It was carefully www.xmserving.compiled and edited by the XM foreign exchange editor. I hope it will be helpful to your trading! Thanks for the support!
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