Yesterday, the pair was observed engaging in limited trading activity, as it dropped to 1.2076 and consolidated its recent decline. This decline is the lowest it has been since March 16th during Tuesday's Asian session this week. The primary reason behind this downward trend can be attributed to the underperformance of the British Pound (GBP) following a surprising decision by the Bank of England (BoE) in September to halt its cycle of price increases. As a result, this currency pair continues to face threats.
Meanwhile, the USD Index (DXY), which monitors the performance of the US Dollar against various currencies, reached its highest level since November 2022 and continues to receive substantial support due to growing expectations that the Federal Reserve (Fed) will maintain a hawkish stance. Consequently, this ongoing situation is contributing to pushing down this particular currency pair towards its lowest level yet
Meanwhile, the USD Index (DXY), which monitors the performance of the US Dollar against various currencies, reached its highest level since November 2022 and continues to receive substantial support due to growing expectations that the Federal Reserve (Fed) will maintain a hawkish stance. Consequently, this ongoing situation is contributing to pushing down this particular currency pair towards its lowest level yet
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The rapid decline suggests that GBP's weakness has continued, potentially towards the 1.2000 level.
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good luck
