Pound Sterling Price News and Forecast: GBP/USD licks its wounds at the lowest levels in 29 months
|GBP/USD flirts with 1.1550 at two-year low amid pre-NFP anxiety, UK recession woes
GBP/USD remains sidelined around 1.1540-50 during Friday’s Asian session, after refreshing the two-year low the previous day. In doing so, the Cable pair portrays the typical pre-NFP moves despite looming fears of the UK’s recession. “The UK is already in the midst of a recession, and inflation is on course to hit 14% later this year,” as per the British Chambers of Commerce (BCC) reports shared by Bloomberg.
Currency market FX next week: GBP/USD in focus
GBP/USD in 2019 was the first time to identify such a treacherous phenomenon when GBP/USD dropped every week for 6 solid weeks from 1.2900's to 1.1900's. No warning exists to such a situation. The revelation must come quickly or losses are suffered. Explains why GBP currencies are separated from overall trade rankings. The idea is if it transpired once then it may develop again.
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