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Business / Finance

Fundamental analysis of the Forex market: Two reasons to sell the pound

FreshForex news RSS 09.09.2019 at 07:43

News Forex from FreshForex

GBPUSD - flat

Events that should pay attention today:

11.30 GMT. UK: PMI manufacturing for July.

GBPUSD:

on Friday, traders began to fix profit on “longham” and today I expect continuation of this trend for two reasons. First, the debt market has experienced a negative trend. The yield on 10-year government bonds the UK is declining against its counterparts from the US and Germany. This factor traditionally indicates a decrease in the currency pair GBPUSD and the EURGBP pair. Secondly, a report on U.K. industrial production for July may disappoint investors weak data, as the PMI Markit showed a strong decline. Negative statistics will contribute to short-term sales of the pound.

Trade recommendation: Sell 1.2275/take profit 1.2300 and 1.2230.

More information on the webinar at 10.00 GMT.

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