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      Alarm Bells Ringing! GBP/USD Keeps Its Downward Trend

      Tank

      Summary:

      This week, the pound will face a series of key economic data releases, including inflation figures, labor market data, and retail sales figures.

      Sell

      GBPUSD

      EXP
      Trading

      1.34033

      Entry Price

      1.31000

      TP

      1.36000

      SL

      1.34228 +0.00123 +0.09%

      0

      Point

      Flat

      1.31000

      TP

      CLOSING

      1.34033

      Entry Price

      1.36000

      SL

      Fundamentals
      This week, the pound will face a series of key economic data releases, including inflation figures, labor market data, and retail sales figures. The Bank of England’s latest interest rate decision is scheduled for Thursday; while the market widely expects policymakers to keep rates unchanged, investors will be closely watching for any comments regarding the future direction of monetary policy. The money markets had previously anticipated that the Bank of England would raise rates by 0.25 percentage points this year, but in recent days have scaled back their expectations for monetary tightening.
      A survey released on Monday showed that the U.S. homebuilder confidence index declined in June, driven by rising mortgage rates and higher costs for building materials. The Housing Market Index, jointly released by the National Association of Home Builders and Wells Fargo, fell 2 points this month to 35, below the 37 points previously forecast by economists in a Reuters survey. This marks the 14th consecutive month the index has remained below 40, marking the longest slump since the 2011-2012 foreclosure crisis.
      Technical Analysis
      On the daily chart, the GBP/USD pair shows Bollinger Bands widening downward and moving averages diverging downward, indicating a high probability of further declines. The RSI stands at 47, indicating that market sentiment is predominantly bearish. On the 4-hour chart, the Bollinger Bands are narrowing, moving averages are flattening, and the MACD fast and slow lines have formed a death cross, suggesting a high probability of a pullback. The RSI stands at 49, indicating that market sentiment is predominantly neutral. Strategically, look to sell on rallies.
      Alarm Bells Ringing! GBP/USD Keeps Its Downward Trend_1
      Alarm Bells Ringing! GBP/USD Keeps Its Downward Trend_2
      Trading Recommendation
      Trading Direction: Sell
      Entry Price: 1.34
      Target Price: 1.31
      Stop-Loss Price: 1.36
      Support Levels: 1.32, 1.30, 1.28
      Resistance Levels: 1.37, 1.38, 1.41
      Risk Warnings and Investment Disclaimers
      You understand and acknowledge that there is a high degree of risk involved in trading with strategies. Following any strategies or investment methodologies is the potential for loss. The content on the site is being provided by our contributors and analysts for information purposes only. You alone are solely responsible for determining whether any trading assets, or securities, or strategy, or any other product is suitable for you based on your investment objectives and financial situation.

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