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23.09.2021 11:10 AM
Trading idea for GBP/USD

There is a lot of important news from the UK today, but particular attention should be paid to the Bank of England's interest rate decision at 11:00 UTC.

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Considering that GBP / USD already declined amid hawkish statements from the Federal Reserve, there is a chance that pound will plunge further if upcoming reports turn out weaker than expected. To be precise, the pair may trade below 1.35700

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Thus, it would be best to refrain from taking long positions, at least until there is a false breakout at 1.37. Obviously, GBP / USD is bearish, so short positions are more profitable at the moment.

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This analysis is based on Price Action and Stop Hunting strategies.

Good luck and have a nice day!

Andrey Shevchenko,
Analytical expert of InstaForex
© 2007-2024
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