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UK is on the brink of a financial crisis

UK is on the brink of a financial crisis | 26 October 2023

26 October 2023, GBP/USD

GBPUSD trading plan:

Selling in the UK government bond market is gathering pace and we could see a repeat of last autumn, when the pound suddenly plummeted and only emergency intervention by the Bank of England prevented it from testing parity with the dollar. In my opinion, the downward trend in this currency pair will continue today and we could see a drop to the psychological level of 1.20. With this in mind, it is wise to sell the pair on corrections. Britain is on the brink of a financial crisis and traders will be selling the pound.

Investment idea: sell 1.2112 and take profit 1.2000.

David Johnson
Analyst of «FreshForex» company
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