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24 October 2024,02:11
Trade Of The Day
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24 October 2024, 02:11
* Rising Odds: The British pound has extended its decline, reaching a ten-week low as dovish sentiment and rising expectations of a Bank of England (BoE) rate cut in November weigh on the currency. Declining consumer and producer inflation, coupled with weak UK labor market data, are fueling predictions of a 25-basis-point rate reduction next month, with a possible additional cut in December. BoE Governor Andrew Bailey recently highlighted the importance of enhancing oversight of the less transparent non-banking sector.
* Technical Breakout: : Recent breakout below the previous support level 1.29400 with MACD illustrates ongoing bearish momentum suggest the pair to likely further extend its losses.
* Resistance and Support: If the bearish momentum persists, there’s a strong likelihood that the price will potentially head towards the level 1.27900. Conversely, a potential reversal is also to be expected and the price could head back towards 1.30900 after it breach back above 1.29400.
Looking ahead, PMI data from the UK and the US will be released on a rolling basis throughout Thursday, while investors will also be watching for a series of speeches from central bankers from both the Bank of England (BoE) and the Federal Reserve (Fed).
Learn more about how to navigate the prop trading landscape by checking out PU Xtrader’s trading blogs.
Stay updated on US and UK data, central bank updates and any shifts in the US Dollar’s strength by following PU Xtrader’s financial news page.
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