GBP - The central bank's comments weakened expectations of interest rate cuts, and the pound maintained its gains.

The technical chart shows that RSI and stochastic data are still rising, and the pound is expected to remain strong in the short term. For the support below, we will firstly pay attention to the 100-day moving average of 1.2485, and the next level will focus on the 250-day moving average currently at 1.24. This indicator has been a quite clear trend dividing line since September. In addition, if the cumulative decline from July to early October is calculated, the 61.8% rebound level will be 1.2725, which will be an important reference level at present; the biggest resistance is expected to be at 1.2820 or even the 1.30.
Forecast range:
Resistance 1.2725 – 1.2820 – 1.3000
Support 1.2485 - 1.2400* - 1.2350

Highlights of the week:
29/11 UK mortgage loan disbursements decreased by 50 million pounds in October
UK mortgage approvals totaled 47,383 in October
UK consumer credit rises by £1.289 billion in October
UK M4 supply increased by 0.3% in October compared with the previous month

Bank of England Governor Bailey vows to "do whatever it takes" to reduce inflation to 2%

30/11 Bank of England Green says interest rates may have to remain high for a long time




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