GBP/USD: A Quick Technical Case for a Near-Term Dip to Key Support Levels [Yahoo! Finance]
StoneX Group Inc. (SNEX)
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Source: Yahoo! Finance
The pair is forming a Dark Cloud Cover pattern at resistance. Two different momentum oscillators are signaling declining buying pressure, opening the door for a near-term pullback. GBP/USD has been on an absolute tear of late, with the British pound clocking in as the best-performing major currency over the last month. Fundamentally speaking, a continuation of better-than-expected economic data out of the UK has allowed the Bank of England to leave interest rates unchanged at 5% at each of its last two meetings; combined with the Fed's aggressive 50bps rate cut last week, the Bank of England now offers the highest interest rate in the developed world. However, any time a market storyline seems too obvious, it's at risk of being discounted into the current price, and as I'll outline in the technical section below, GBP/USD may be at that precipice, at least in the near term. British Pound Technical Analysis – GBP/USD Daily Chart Source: TradingView, StoneX Technically spe
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