March 2, 2024

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GBP/USD fell to its lowest level since November 2020 | newsletter

The GBP/USD currency pair has fallen sharply in recent weeks, in part due to the growing discrepancy between data from the Federal Reserve and the Bank of England. The Bank of England softened its tone during the March meeting, which could indicate that UK policy makers are more concerned about the growth outlook than about rising inflation. Meanwhile, the Fed is expected to be more aggressive this year, with many investors anticipating a 50 basis point hike in May, supporting the US dollar.

GBPUSD fell below the $1.30 support level, the lowest since November 2020. If current sentiment prevails, the downside may accelerate towards the next support at 1.2850, the 50.0% Fibonacci retracement level of the upside wave that started in March 2020 On the other hand, if the buyers regain control, more bullish momentum may start towards 1.32. Source: xStation 5

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The author is currently not investing in the securities or assets discussed.

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