GBPUSD After US CPI & Before UK Budget
With Thanks To Bloomberg For Chart

GBPUSD After US CPI & Before UK Budget

Trevor Charsley Trevor Charsley

Trevor Charsley

Chief Technical Strategist at Corpay

发布日期: 2022年11月11日
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The technical picture is short & sweet. Price is making a double correction higher. Resistance is between 1.1830 & 1.2290. If these levels remain intact it is possible for the medium term downtrend to resume with a target of 1.0360. If we trade above 1.2500 we shall consider more bullish scenarios.

Fundamentally, the UK faces a host of challenges. Interest rate hikes, inflation at 10.1%, a Bank of England forecasted two year recession. workers striking and an energy crisis. Thursday Nov 17th Chancellor Hunt tries to fill a ￡50 billion hole in the public finances. The media reports that he will hike taxes and cut spending. This could possibly make the forecasted recession deeper.

Is this a recipe for sterling strength?

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