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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.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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