GBP/USD Today: Short Term Trend Forecast
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Currently, the GBP/USD exchange rate is fluctuating around 1.2965 and performing well in the downward price channel on the 1-hour chart.
The main reason is that the market is witnessing economic stability in both the UK and the US, as retail sales in both countries exceeded expectations, indicating quite strong consumer spending. In addition, inflation in the UK has dropped to 1.7%, below the Bank of England's target, increasing the possibility of a rate cut in the near future, directly affecting this currency pair.
Wishing you successful trading and good luck in the market!
Currently, the GBP/USD exchange rate is fluctuating around 1.2965 and performing well in the downward price channel on the 1-hour chart.
The main reason is that the market is witnessing economic stability in both the UK and the US, as retail sales in both countries exceeded expectations, indicating quite strong consumer spending. In addition, inflation in the UK has dropped to 1.7%, below the Bank of England's target, increasing the possibility of a rate cut in the near future, directly affecting this currency pair.
Wishing you successful trading and good luck in the market!
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