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Cable remains in red for the second consecutive day and extends pullback from new one-year high (1.3044). Weaker than expected UK retail sales increase pressure on sterling and add to bets for BoE rate cut in August (currently at 44%). Fresh bears broke below the floor of recent consolidation (around Fibo 23.6% of 1.2615/1.3044 upleg), […]

The post GBP/USD: Cable Dips Further After Downbeat UK Retail Sales appeared first on Action Forex.

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20/05/2024

Silver Wave Analysis

Silver broke multi-year resistance level 29.50 Likely to reach resistance level 32.00 Silver recently broke the key multi-year resistance level 29.50 (which has been reversing the price from the middle of 2020, as can be seen from the weekly Silver chart below). The breakout of the resistance level 29.50 should accelerate the active impulse waves […]
24/08/2024

Week Ahead – PCE Inflation Eyed as Fed Lays Groundwork for September Cut

Focus to stay on the Fed as PCE inflation to be week’s main highlight Eurozone inflation data to be crucial for ECB rate cut hopes Australian and Tokyo CPI, plus Canadian GDP also on the agenda Will PCE inflation disappoint dovish expectations? The Fed’s long-anticipated dovish pivot is upon us and markets are bracing for […]
16/09/2024

It’s Central Bank Week

In focus today There are no major market movers today. The main event to watch this week will be Wednesday’s US policy rate decision, where we expect a 25bp cut from the FOMC (see more in Fed Preview – Dovish 25bp, 13 September). We also look out for the final euro area inflation data on […]