ANALYSIS
NQ100 Finds Support from PPIApr 14
GBPUSD Maintains Descending Channel Movement
We saw that the pound received some response as markets priced a 75 basis point rate hike for the Bank of England's (BoE) meeting to conclude on Thursday. However, the recession concerns for the UK economy are making it difficult for the pound to make a meaningful recovery. On the other hand, the US 10-year bond yields, which rose by %3.54 to the highest level in 11 years, also have a downward effect on parity. Under this outlook, if the parity, which is headed for losses with the descending channel movement, can permanently break the 1.1385 support, losses may continue up to the 1.1345 level, which will be the lowest level since 1985. Above, the 1.1470 – 1.1530 range can work as a resistance zone.
