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21 June 2024,02:46
Trade Of The Day
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21 June 2024, 02:46
* Dovish Tone: The GBP/USD exchange rate declined after the Bank of England (BoE) decided to keep interest rates at 5.25%. The accompanying statement indicated the decision was “finely balanced,” implying there was a significant risk the BoE might have opted to cut rates. The language of the accompanying statement and minutes was slightly dovish, putting pressure on the currency. The BoE referenced the August decision and how new information “affects the assessment that the risks from inflation persistence are receding,” hinting that a rate cut could be planned for August.
* Technical Breakout: GBPUSD was traded lower following prior breakout below the previous support level 1.26800. MACD which illustrate bearish momentum signal with the formation of death cross coupled with recent bearish market structure suggest the pair to extend its losses.
* Resistance and Support: If the bearish momentum persists, there’s a strong likelihood that the price will potentially head towards 1.25700. Conversely, a potential correction is also to be expected and the price could head back towards 1.27950 after it breaks above.
Understand how technical analysis can help you in this trading opportunity.
Moving ahead, the market’s attention will turn to upcoming U.S. and U.K data featuring UK Retail Sales data and the latest updates to the S&P Global Purchasing Managers Index (PMI) figures which is due to be released later in the day. These will provide fresh impetus for market movements.
Know how to manage trading risks with risk management strategies.
Stay updated on US and UK data, central bank updates and any shifts in the US Dollar’s strength by following PU Prime’s market insights and daily financial news.
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