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GBPUSD Market Update

12/9/2022 11:47 AM

The pound is showing a neutral trend, while the GBP/USD pair rises slightly, trading at 1.2272 due to a downtrend in the US dollar.

According to a survey of monetary policy experts published yesterday by Reuters, the Bank of England will raise interest rates by 50.0 basis points on December 15, bringing it to 3.50%. There is a possibility of a more significant indicator correction, but analysts believe the regulator will not dare to take such radical steps before Christmas. Economists are predicting an imminent recession in the UK: Q4 gross domestic product (GDP) may decrease by 0.4%, followed by similar reductions in the first two quarters of 2023. Investors reacted negatively to the November value of the mortgage rate, which now stands at 5.88% instead of 5.41% a month earlier, which will hurt the real estate market soon.

Yesterday the quotes of the US dollar fell to 104.500 in the USD Index against the background of an increase in the number of initial applications for unemployment benefits to 230.0K from 226.0K a week earlier, which led to an increase in the total number of citizens receiving assistance from the state, to 1.671M from 1.609M, although analysts expected a decrease to 1.600M.

The daily chart shows the trading instrument moving within the local ascending channel near the resistance line.

Technical indicators maintain a buy signal: the range of fluctuations of the EMA on the Alligator indicator expands, and the AO oscillator's histogram forms rising bars in the buying zone.

Resistance levels: 1.2344, 1.2656. | Support levels: 1.2126, 1.1773.

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