GBPUSD, Already Facing RECESSION..?Hi traders, Lets take a look at Sterling.
Fundamental View:
Sterling seems like breaking LL due to the
uprise in DXY after breaking 20 years resistance.
But here Sterling acted as an catalyst and moved
way more than expected. It's because of:
1) DXY strengthened by breaking 109 levels.
2) British finance minister Kwasi Kwarteng earlier
in the day laid out a plan of historic tax cuts paid
for by huge increases in borrowing, which sent British
government bonds into freefall and the pound sharply lower.
3) British bond yields were set for their biggest daily rises in decades.
4) Fear of Recession.
Technical View:
GBPUSD looking for 1985 final support as there
isn't any footing nearby. We can expect a pullback
for a another fall.
GBPUSD can be seen respecting Falling Wedge pattern
on Monthly TF. Still Lower TL pointing towards
1.05 zone which is still 300 pips away. This last
week of September might be fruitful so
Wait for the proper entry or check news calendar.
"Miracles are meant to happen."
Feel free to like and share your opinions as well.:)
