Chart of the day: GBPUSD (03.10.2024)

The British pound is losing dynamically this morning following comments by BoE Chairman Bailey, who suggested that, as a banker, he sees an opportunity for a more aggressive pace of interest rate cuts in the UK. This is largely due to the already not so onerous price pressures on basic goods and services in the economy. This information comes from the Guardian agency, which interviewed a BoE banker. Since the publication, the pair has lost 0.5% in value (as of 06:50 am BST).

From a technical point of view, the GBPUSD pair is approaching the medium-term support point of the general uptrend observed on the pair, determined by the 50-day exponential moving average (blue curve on the chart).

Source: xStation