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2 August 2024,02:09
Trade Of The Day
2 August 2024, 02:09
* Dovish Statements from Fed and Risk-Off Sentiment: The Pound Sterling experienced significant bearish momentum following the Bank of England’s decision to cut interest rates by 25 basis points, down to 5.00%. Meanwhile, market volatility is rising ahead of the release of crucial Nonfarm Payrolls and Unemployment rate data, alongside escalating Middle East tensions. Some investors have opted to sell off Pound Sterling, shifting their portfolios toward safe-haven assets and adopting a wait-and-see approach.
* Technical Breakout: GBP/USD is trading lower after a prior breakout below the previous support level. The pair is currently testing the support level of 1.2705, and investors should closely watch for any potential breakout.
* Resistance and Support: If the bearish momentum persists, a successful breakout for the GBP/USD pair could lead to further losses toward the next support level of 1.2615. Conversely, a failure to break out may signal a potential technical correction for GBP/USD.
Understand how technical analysis can help you in this trading opportunity.
* Moving forward, market participants will closely monitor both US Nonfarm Payrolls and the Unemployment rate, as these events are considered key market catalysts for the global financial market today.
Know how to manage trading risks with risk management strategies.
Stay updated on US and global data, central bank updates and any shifts in the GBP/USD’s strength by following PU Prime’s market insights and daily financial news.
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