GBP/USD ! 11/7 ! sideway price zone - resistance signal SELL

GBP/USD trend forecast November 7, 2024

The GBP/USD pair finds support during the Asian session on Thursday, moving up from its mid-August low near the 1.2830 area touched the day before. Spot prices now aim to sustain momentum above the 1.2900 level as focus turns to significant central bank events.

The Bank of England (BoE) is expected to announce a rate cut today, its second this year, in response to slowing inflation. However, expectations that UK Finance Minister Rachel Reeves' upcoming budget could boost inflation, potentially slowing future BoE rate cuts, help support the British Pound. A slight dip in the US Dollar also contributes to GBP/USD gains.

Against the backdrop of a rising dollar - GBP is not much changed. sideways and slightly down

/// SELL GBP/USD : zone 1.29520 - 1.29720

SL: 1.30100

TP: 60 - 120 - 250 pips (1.27220)


Safe and profitable trading