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Pound's volatility turned out to be one of the highest, but still did not exceed fifty points. Nevertheless, there will be strong movements today, and perhaps an end to the current situation.
Recently published data on durable goods orders, although carrying slightly more weight than the data on existing home sales, did not have a noticeable impact on the market. However, forecasts say it will decrease by 4.0%, indicating that consumer activity has declined, which could lead to a slowdown in the US economy. It may be too early to talk about a recession, but signs indeed point to such a development. If that happens, dollar demand will fall, pulling the market out of the stagnation that began last Thursday.
EUR/USD adheres to a bullish sentiment, indicated by the stabilization of the price above 1.0850. In the case of further growth, a movement towards 1.0900 will be possible. As for the bearish scenario, the price needs to return to 1.0800 and consolidate below it.
Once again, long positions in GBP/USD decreased around 1.2700, leading to a rebound. However, consistently reaching 1.2700 means that there may be a breakdown soon.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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