Instrument: GBPUSD
Bullish Preference:
A buy position is envisaged if the price trades above 1.23122 with take profit at 1.23333
Bearish Preference:
A sell position is envisaged if the price trades below 1.22531 with take profit at 1.22270
Fundamentals:
10:30am GBP BOE Gov Bailey Speaks
3:15pm USD Fed Chair Powell Speaks
Comment:
UK consumer spending growth has slowed to 2.6% and 2.5% respectively in October, marking the lowest annual increase in over a year, according to recent data from Barclays and the British Retail Consortium (BRC). This deceleration is attributed to high inflation, which stood at 6.7% in September, and a series of interest rate hikes by the Bank of England.
The Bank of England has been systematically raising interest rates until August this year, aiming to maintain them at a record high for the past 15 years to combat inflation. This move comes despite the bank’s forecast of economic stagnation and the acknowledgment that only half of the effects of its rate hikes have been experienced so far.
Analysis: SCRUM Team