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Old 08-11-2019, 11:45
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KostiaFM KostiaFM is offline
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Default Re: Daily Market Analysis by ForexMart

GBP/USD. November 08, 2019 Pound consolidates near 1.28

The British sterling fell to a two-week low at 1.2800. Yesterday the Bank of England kept the key rate unchanged at 0.75%, although two out of nine members of the Committee voted for an immediate reduction in the rate by 25 bp. This results surprised markets, as it was the first split of opinions for the last year. At the same time, the Central Bank lowered its GDP forecast for 2020 and 2021 and the short-term forecast for inflation. According to these forecasts, the regulator suggests only one reduction in interest rates over the next 3 years.

Representatives of the British regulator are concerned about the weak labor market in the country, the slowdown in the global economy, as well as further uncertainty concerning the Brexit issue. Thus, the pair pound/dollar shows a decline below the area of ​​1.28 and keeps here in a stable flat. During the day, we expect further weakening of the British currency.
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