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Pound slumped due to the recent statements made by Bank of England representatives. Obviously, the latest interest rate hike was not enough, and the sharp reversal and soft tone of the bank at a time of high inflation-induced cost of living crisis surprised many.
During an interview yesterday, former committee member Danny Blanchflower said the collapse in house prices will push the Bank of England to start actively lowering interest rates in the near future. However, the MPC supported its 10th consecutive increase, going for a 0.5% interest rate hike.
To date, the housing market has slowed down dramatically, with prices and the number of approved mortgages falling every month. Blanchflower said that very soon, the sector will see terrible numbers as the economy continues to shrink and the central bank is "not responding in any way". Undoubtedly, a slowing economy and high inflation will continue to worry the markets.
With regards to the forex market, GBP/USD is locked in a sideways trend after collapsing for two days. Buyers need to push the quote above 1.2070 to regain their advantage as only the breakdown of this resistance level will strengthen the chances of rising towards 1.2140 and 1.2200. The return of pressure around 1.2010 will pull the pair down to 1.1950 and 1.1880.
In EUR/USD, pressure is quite high as market players believe that the ECB will no longer maintain its hawkish policy. To stop the bear market, buyers need to push the quote above 1.0720. That is likely to result in a price increase to 1.0770, 1.0800 and 1.0830. But if the quote declines to 1.0720, the pair will fall further to 1.0680 and 1.0650.
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