GBPUSD 4H : downtrend under 1.2400
GBPUSD
OUTLOOK
The quarterly survey conducted by the Bank of England revealed that inflation expectations in Britain for the next year 2024 rose from 3.5% to 3.6%. The Bank of England survey clarified the following points:
• Consumers believe interest rates will be higher for longer than they were three months ago.
Inflation expectations for the next two years rose from 2.6% to the previous England survey forecast in May of 2.8%.
Citizen confidence about the Bank of England's control over high inflation fell to a new record low of -21%, driven by the crisis of rising costs of living amid a high interest rate environment.
Technical abstract:
The pound sterling pair against the dollar resumed its negative trading in a strong manner yesterday, succeeding in achieving our first awaited target at 1.2400 and stabilizing near it. We believe that the way is open to continue the decline and achieve more negative targets, which extend to 1.2310.
From here, the downward trend scenario will remain valid and effective, taking into account that the continuation of the downward wave requires stability below the 1.2507 level.
support line :1.2400 , 1.2310
resistance line : 1.2460 , 1.2507
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
OUTLOOK
The quarterly survey conducted by the Bank of England revealed that inflation expectations in Britain for the next year 2024 rose from 3.5% to 3.6%. The Bank of England survey clarified the following points:
• Consumers believe interest rates will be higher for longer than they were three months ago.
Inflation expectations for the next two years rose from 2.6% to the previous England survey forecast in May of 2.8%.
Citizen confidence about the Bank of England's control over high inflation fell to a new record low of -21%, driven by the crisis of rising costs of living amid a high interest rate environment.
Technical abstract:
The pound sterling pair against the dollar resumed its negative trading in a strong manner yesterday, succeeding in achieving our first awaited target at 1.2400 and stabilizing near it. We believe that the way is open to continue the decline and achieve more negative targets, which extend to 1.2310.
From here, the downward trend scenario will remain valid and effective, taking into account that the continuation of the downward wave requires stability below the 1.2507 level.
support line :1.2400 , 1.2310
resistance line : 1.2460 , 1.2507
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
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