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Daily Market Analysis By FXOpen
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[QUOTE="FXOpen Trader, post: 341844, member: 104606"] [B][SIZE=5]The US Currency Corrects after Recent Growth[/SIZE][/B] [img]https://i.imgur.com/S61mKUd.jpeg[/img] The incoming fundamental data of the past five-day period contributed to the strengthening of the American currency in almost all major pairs. Thus, the pound/US dollar currency pair lost more than 200 pp over several trading sessions, the euro/US dollar pair retested 1.0800, and buyers of the USD/JPY pair managed to keep the price above 151.00. [B][SIZE=5]GBP/USD[/SIZE][/B] [img]https://i.imgur.com/gPdUoCF.png[/img] The decision of British officials to leave the base interest rate at the same level did not contribute to the strengthening of the pound/US dollar pair. And the hint from the head of the Bank of England about a possible rate cut at the next meeting led to sharp losses in the pair and a test at the price of the important support level of 1.2600. At the moment, the pair is consolidating just above the mentioned mark. In the case of a positive fundamental background from the UK, the price may correct to 1.2800-1.2740. If the downtrend resumes, the price on the gbp/usd chart may retest 1.2570. Tomorrow at 13:30 GMT+3, we are waiting for the publication of the minutes of the meeting of the Bank of England Financial Policy Committee. A little later, the CBI retail sales index will be published. [B][URL="https://fxopen.com/blog/en/ru-the-us-currency-corrects-after-recent-growth/?utm_source=trendriforum&utm_medium=analysis&utm_campaign=resolve"]TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG[/URL][/B] [I][B]Disclaimer:[/B] This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice. [/I] [/QUOTE]
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