💡 GBPUSD: Failed to break the block, turned back down
💡 Stronger-than-expected UK inflation data raises the risk that the Bank of England may need to raise interest rates again or that interest rates may remain high for longer, followed by a rise in UK government bond yields . The CPI data will only put more pressure on the BOE's Monetary Policy Committee in deciding whether to continue to put pressure on interest rates to bring inflation down to an acceptable level.
💡 We can see that GBP/USD attempted a breakout but failed due to strong resistance from the 48-hour moving average on the H4 chart. On the other hand, the MACD double line and histogram bar are moving below the zero axis, which is a sign of a continued downtrend.
💡 We can see that GBP/USD attempted a breakout but failed due to strong resistance from the 48-hour moving average on the H4 chart. On the other hand, the MACD double line and histogram bar are moving below the zero axis, which is a sign of a continued downtrend.
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