⚡️The Pound Sterling (GBP) strives for a meaningful recovery after an intense sell-off, which was propelled by deepening recession risks. The recovery attempt by the GBP/USD pair seems delicate as UK factory activities face the wrath of higher interest rates by the Bank of England (BoE). Britain firms have shifted their focus on stabilizing margins and easing cost pressures by cutting inventories and the labor force. Going forward, transferring the benefit of easing cost pressures from firms to the end-consumer might ease inflationary pressures on households.
⚡️In spite of deepening recession fears, the BoE cannot pause the policy tightening spell as the core Consumer Price Index (CPI) is pretty close to its all-time peak of 7.1%, and the decline in the headline inflation is lower in comparison with the softening pace of energy prices. Meanwhile, UK FM Jeremy Hunt is confident that UK inflation will halve from January levels near 10% by year-end
⚡️The H4 frame shows a strong rebound in GBP but to break through the 1.2700 resistance, GBP needs more traction. but with the current recession, if the BoE does not come up with a new policy, GBP will return to its current position, even lower.
⚡️Share your ideas with Krado, I'm looking forward to it⚡️
⚡️In spite of deepening recession fears, the BoE cannot pause the policy tightening spell as the core Consumer Price Index (CPI) is pretty close to its all-time peak of 7.1%, and the decline in the headline inflation is lower in comparison with the softening pace of energy prices. Meanwhile, UK FM Jeremy Hunt is confident that UK inflation will halve from January levels near 10% by year-end
⚡️The H4 frame shows a strong rebound in GBP but to break through the 1.2700 resistance, GBP needs more traction. but with the current recession, if the BoE does not come up with a new policy, GBP will return to its current position, even lower.
⚡️Share your ideas with Krado, I'm looking forward to it⚡️
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⚡️In the view of Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group, GBP/USD does not rule out a break below the 1.2500 support in the near term.
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⚡️Actual PMI news is larger than forecast, good prospects for USD
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