Hello traders!
Today, GBP/USD continued to face new downward pressure, dropping to the 1.2100 area before experiencing modest recovery during the European trading session. Short-term technical prospects indicate that the downward trend persists, despite some sideways movement.
It can be observed that retail sales in the UK decreased by 0.9% compared to the previous month in September, according to a report by the UK's Office for National Statistics on Friday. This data is weaker than market expectations of a 0.1% decline and weighs on the British Pound.
Meanwhile, Bank of England Governor Andrew Bailey told the Belfast Telegraph that he expects inflation to "decrease significantly" next month. "Assessing the inflation data for September, core inflation has decreased slightly compared to what we anticipated, which is quite encouraging," Bailey added, posing challenges for GBP/USD in its recovery momentum.
Today, GBP/USD continued to face new downward pressure, dropping to the 1.2100 area before experiencing modest recovery during the European trading session. Short-term technical prospects indicate that the downward trend persists, despite some sideways movement.
It can be observed that retail sales in the UK decreased by 0.9% compared to the previous month in September, according to a report by the UK's Office for National Statistics on Friday. This data is weaker than market expectations of a 0.1% decline and weighs on the British Pound.
Meanwhile, Bank of England Governor Andrew Bailey told the Belfast Telegraph that he expects inflation to "decrease significantly" next month. "Assessing the inflation data for September, core inflation has decreased slightly compared to what we anticipated, which is quite encouraging," Bailey added, posing challenges for GBP/USD in its recovery momentum.
