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The GBP/USD pair retreated as the US dollar continued its bullish trend as global risks rose. There are risks on the ongoing crisis in Ukraine, lockdowns in China, and fears of the hawkish Federal Reserve.
There are also fears that the Bank of England will slow down its aggressive tightening policy considering that the economy is slowing. For example, data published by the Office of National Statistics showed that the country’s retail sales declined sharply in March. Additional numbers by Gfk revealed that consumer confidence declined to the lowest level since 2008. These numbers are notable since consumer spending is an important part of the British economy. Also, the retail sector is one of the most important employers in theThe focus among investors will be on the recent economic data from the United States. The country will publish the closely-watched consumer confidence data.
The US will also release the latest durable goods order numbers. These are important numbers that measure the performance of the manufacturing sector. These orders are expected to have risen. Another important data will be on housing. We will receive the new home sales and Case-Schiller house price index data.It remains below the 25-day and 50-day moving averages. This is a sign that bears are still in control.
and the Relative Strength Index have continued falling. A closer look shows that this downward trend is actually fading.it seems like the pair will likely have a relief rally in the coming days as bulls target the important resistance level at 1.2850.
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