is coming to heel. That is the same month investors now consider most likely for a first move by the US Federal Reserve, according to the Chicago Mercantile Exchange’s popular ‘FedWatch’ tool.Back then, the Fed was thought likely to cut rates much sooner than its British counterpart, the United Kingdom having had to deal with stubbornly higher inflation than most central banks. That prospect underpinned Sterling’s rise from the lows of last October.
The downtrend channel from March 8’s peak continues to overshadow GBP/USD trade, with even sharp spikes upward such as that seen on April 3 unable to break its spell. Should the current downtrend endure, GBP/USD is probably only weeks away at best from a test of important retracement support at 1.25010. This has held since the Pound broke above it in the last week of November, with a slide below it likely to herald a further, deeper fall toward the 1.24 handle.
Bulls would need to consolidate progress above the 1.27 region if they are going to try and snap the current downtrend, and that doesn’t seem likely any time soon.Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors. We advise you to carefully consider whether trading is appropriate for you based on your personal circumstances. Forex trading involves risk. Losses can exceed deposits.
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