FX Market Observation 30.09.22
Cable (GBPUSD) has broken below an almost 30 year support line, this is a substantial break and its heading towards parity, will be a bumpy ride. Latest correction from low 1.055 to 1.120 was base on intervention via gilts buying and in the last 35 years not seen intervention work, only short-term to slow it down, we might see test of 1.1300/50 area for then to move lower again. This is long-term view.
*Market Observations are NOT trading recommendations*
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