💡GBPUSD: Challenges in British Retail
Updated
➡️British retailers had a tough time in October with their sales hitting a low point, and they anticipated a more challenging November due to the burden of rising living costs. In general, the survey corroborates a string of gloomy business outcomes, indicating the potential for the UK economy to stall or even experience a mild recession.
➡️The GBP/USD pair initially dropped following the release of US GDP data, but it later rebounded and is currently trading below the 48-hour moving average. Given that the MACD double line and the histogram bar have displayed a divergence near the zero axis, there is a possibility of a short-term recovery for the British pound.
➡️The GBP/USD pair initially dropped following the release of US GDP data, but it later rebounded and is currently trading below the 48-hour moving average. Given that the MACD double line and the histogram bar have displayed a divergence near the zero axis, there is a possibility of a short-term recovery for the British pound.
Note
➡️ The price continued to go down in the first half of the session and approached the support level of 1.20 as expected, but then the buying force returned and the price recovered strongly, creating a notable bullish pin bar candle on the daily.Note
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