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This week, the Bank of Japan raised interest rates, and the Federal Reserve hinted at a possible rate cut in September. The Bank of Japan raised rates to 0.25%, while the Federal Reserve kept rates unchanged at their recent meeting but noted further progress toward their inflation target, indicating that a rate cut in September is on the table. Meanwhile, the Bank of England is also expected to lower interest rates, with the market reflecting a 60-65% chance of a rate cut. However, some opinions suggest that even if a rate cut happens this time, further rate cuts may be unlikely.
In Iran, Supreme Leader Ayatollah Khamenei directed a direct attack on Israel through the Iranian Supreme National Security Council. In response, Israeli Prime Minister Benjamin Netanyahu declared that Israel has entered an existential war with Iran and its proxies, warning that they will retaliate against anyone causing harm.
- The Bank of England's interest rate decision is on August 1.
- The U.S. non-farm payrolls and July unemployment rate will be released on August 2.
- The Reserve Bank of Australia's interest rate decision is on August 6.
The GBP/USD is rebounding between the 1.28500 and 1.28000 levels. However, another dip could occur following the Bank of England's rate decision. It will be important to see if the 1.28000 level holds. Based on the current chart, a rise to the 1.32000 level is expected from a bounce at the 1.28000 level. If the 1.28000 level breaks, we'll keep an eye on the 1.26000 level for potential lower lows.
We will quickly adjust our strategy if unexpected movements occur.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.