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Although UK inflation slowed down less than expected, to 8.7% instead of the anticipated 8.5%, pound actively lost its position due to the statement made by Bank of England Governor Andrew Bailey.
The head of the bank said that the pace of consumer price growth will halve by the end of the year, ruling out the possibility of further interest rate hikes. He did not explicitly mention interest rates, but the conclusion logically follows from his words. This resulted in investors becoming concerned, causing them to start selling off pound. Euro also fell, albeit smaller.
The situation intensified as dollar became overbought. However, no hints of rebound could be seen. Markets also await the latest data on US jobless claims, which could show a decrease of about 6,000 in initial claims and a dip of 9,000 in repeated ones.
EUR/USD continues to decline, exacerbating the volume of short positions. However, sooner or later, there will be trade position closures, leading to a technical rebound.
GBP/USD also shows a downward movement. It hit the support level of 1.2350, indicating a prevailing bearish sentiment among market players. Staying below this level allows a further decline. However, the pair could become oversold, especially since it already reached critical values in the short-term timeframes.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
