3 Reasons GBPUSD Decline Will Continue
Today, we're talking about the GBP/USD – a currency pair that's got our attention. The UK is releasing key economic data, including the unemployment rate, employment change, and average earnings (excluding bonuses). These numbers are crucial for the pound, and here's why:
1. **Unemployment Rate**: Experts predict it will stay at 4.3%. If it does, there won't be much market movement. But if it's lower, we could see a shift in the pound's value. I'm personally looking for a lower figure.
2. **Bearish GBP/USD**: A lower unemployment rate could kickstart my short bias on GBP/USD. I'm planning to build positions in GBP/USD with a target of 1.25 and eventually 1.18. The pound has been weak, and the Bank of England seems to have reached its peak with interest rates.
3. **Stronger Dollar**: The US dollar has been flexing its muscles, and it's lost its strength against the Swiss franc due to the Middle East conflict. The Fed has one more interest rate hike left this year, and I'll discuss when and how in tonight's webinar.
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