ANALYSIS
NQ100 Finds Support from PPIApr 14
GBPUSD Decreases Its Rising Rate To The 3rd Wave
British Finance Minister Hunt pointed out that the 2022-2023 budget deficit/GDP ratio is 7.1% in his autumn forecasts announced today. While this means the government will delay part of the austerity package in an effort to bring the country back from the brink of recession, the pound lost some demand. However, in the face of tight labor market conditions in the country, hopes that the Bank of England (BoE) will raise interest rates by another 75 basis points at the last meeting of the year continue to keep the pound resilient. Technically, it is seen that the parity has reduced the rate of rise up to the 3rd wave. As long as 1.1715, which is indicated by the Fibonacci 61.8% fan line below, does not end, the recovery potential of the parity will be preserved until 1.1900 and 1.1985. In possible declines below 1.1715, the 1.1620 support can be observed.
