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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Chart of the day - GBPUSD (03.11.2022)

09:33 3 November 2022

Jerome Powell poured cold water onto those who hoped for a pivot. Fed Chair said during a press conference yesterday that it is very premature to think about slowing rate hikes and that the ultimate level of interest rates may be higher than previously anticipated. Message sent by Powell was very hawkish and markets reacted accordingly - USD gained while indices and precious metals moved lower.

Policy decisions from another major central bank will be announced today - Bank of England at 12:00 pm GMT. Bank is expected to deliver a 75 basis point rate hike, putting the main interest rate at 3.00%. However, when it comes to the Bank of England, it should be noted that the previous meeting took place a day before Liz Truss presented its disastrous tax cut plan that lacked financing. A lot has changed since then - BoE delayed QT and relaunched QE while Conservative Party changed UK Prime Minister. While BoE sure has a lot of questions to answer, investors may not get all the answers they want. As the medium-term budget presentation was delayed until mid-November, it looks like the Bank of England will refrain from making any major statements on the future outlook for the UK economy until then. Nevertheless, GBP is likely to be volatile around announcement time.

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Taking a look at GBPUSD chart at H1 interval, we can see the pair plunged below the lower limit of a short-term downward channel this morning and the downward move accelerated afterwards. GBPUSD broke below the 1.1350 support zone and is now testing the 1.1300 psychological area. Should bears manage to clear it, the next major support zone to watch can be found ranging below 1.1175.

Source: xStation5

This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.

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