A reversal from 1.1300 finds support at 1.1220. Weak UK data and political uncertainty weigh on the pound. GBP / USD, approaching the top of the triangle. £ failed to attack 1.1300 earlier on Friday, although the subsequent reversal found support at 1.1220 and the pair re-entered the 1.1250 area. GBP/USD remains in a moderately positive day, looking to recover the losses of the previous two days. WEAK UK ECONOMIC PERFORMANCE IMPACTS THE POUND Retail consumption fell 1. % in September, well above market expectations for a 0.5C contraction, and was 6.9% lower than the same month last year, according to previously released National Statistics figures. on friday The impact of these figures, which fueled fears of a future recession in the UK and coupled with political uncertainty as the Conservative party tries to find a replacement for Liz Truss, added negative pressure on the pair. GBP/USD TRIANGLE APPROACH TOP From a technical perspective, the daily chart shows the pair approaching the top of a symmetrical triangle with trend resistance at 1.1325 and the next potential resistance level at 1.1 30 (50-). daily SMA) before October th and 5th high of 1.1510. On the downside, the base of the triangle is now at 1.1080. Below that, bears may add confidence and send the pair to 1.0920 (Oct 12 low) and then perhaps 1.05 0 (Sept 28 low)

James Rogers

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