Forex Signal For GBP/USD: Sterling's Downtrend to Continue
Forex Signal For GBP/USD: Sterling's Downtrend to Continue
On Monday, Chancellor Kwarteng announced that he will push forward his debt-cutting plan by October 31st. The plan will show how it plans to fill a financial gap of more than £40 billion.
Bear Market Outlook
- Sell GBP/USD and take a profit at 1,0700.
- Add a stop-loss at 1,1200.
- Timetable: 1-2 days.
Forex Signal For GBP/USD: Sterling's Downtrend to Continue
Bull Market View
- Set a buy stop at 1,1125 and a take profit at 1,1250.
- Add a stop-loss at 1,1050.
GBP/USD fell to 1,1066, its lowest level since September 30 this year, as the Bank of England (BoE) tried to calm the market as it came under pressure in the night session.
It's down more than 3% from its highest level this month.
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