The GBPUSD pair has formed an inverted cup and handle pattern. In price action analysis, this pattern is usually a bearish sign. Bearish $GBP $USD forexsignals
The GBP/USD price has come under intense pressure in the past few weeks because of the substantially strong US dollar.This rally accelerated after the latestand other Fed officials like Neel Kashkari, Charles Evans, and Mary Daly insisted that it was too early to declare victory on inflation.
Most Fed officials who talked at the Jackson Hole Symposium noted that the bank will continue hiking interest rates in the coming months. Analysts expect that the bank will hike by 0.50% after rising by 150 basis points in the past two meetings.The GBP/USD pair also remained under pressure as concerns about the UK economy continued. Last week, the country’s energy regulator decided to increase the energy price cap by 80% to 3,549 pounds assoared. Sadly, analysts expect that prices will continue rising in the coming months.
In a statement last week, analysts at Citigroup warned that the country’s inflation will rise to 18.3% in January. The Bank of England sees inflation rising to over 13% while Goldman Sachs expects that prices will rise to 15%.there is a likelihood that the UK will go through a recession soon, which will put the Bank of England in the difficult position of hiking during a recession.It was trading at 1.1745 on Monday morning, which was slightly below the important support at 1.1769.
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