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Bad day for the Pound

Bad day for the Pound | 27 October 2023

27 October 2023, GBP/USD

Bad day for the Pound

GBPUSD trading plan:

The rise prices are suitable for opening short positions in two ways. First, the bond market is witnessing a widening of the yield spread between US and UK government bonds, which is favourable for the US dollar. The London futures market indicates that investors do not expect the BoE to raise interest rates at its meeting on 2 November - an outcome that is currently favoured by most investors, although this scenario was not considered by the market just a month ago. Second, the fall in energy prices will also have a positive impact on the value of the US dollar, given the negative correlation between the two assets.

Investment idea: sell 1.2150 and take profit 1.2000.

David Johnson
Analyst of «FreshForex» company
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