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Hello everyone, today XM Forex will bring you "[XM official website]: GBP/USD consolidates above 1.31, be wary of breakthrough direction". Hope this helps you! The original content is as follows:
XM Foreign Exchange APP News - During the European trading session on Wednesday (November 12), GBP/USD fell for the second consecutive day. The price showed a trend of rebounding and repairing after fluctuating downwards during the day, and the overall game centered around the key support level of 1.3120. The current price is in the consolidation stage above the 1.3100 support level. The short-term trend is greatly affected by the long-short power game and fundamental data. In operation, you need to be vigilant about the choice of breakthrough direction. Fundamental analysis: British labor market data were weaker than expected, strengthening market expectations for an interest rate cut by the Bank of England next month. Regular wage growth slowed to 4.6% in the third quarter, while the unemployment rate rose to 5.0%, exceeding expectations of 4.9%. Last week, the Bank of England kept interest rates unchanged but said whether a rate cut in December would depend on the continued strength of domestic inflationary pressures. The market is currently awaiting UK third-quarter GDP data due to be released on Thursday. According to reports, British Prime Minister Starmer is wary of attempts to overthrow him, and the continued weakness of the pound may be related to the uncertainty caused by this news. GBP/USD is still up 5% this year, but investor anxiety is rising ahead of the budget report on November 26. The UK is expected to need to raise taxes to balance the public accounts. British government bonds performed worse than other European and American government bonds on Wednesday, with the 10-year British government bond yield rising 3 basis points.
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