ANALYSIS
NQ100 Finds Support from PPIApr 14
GBPUSD:Recovery In Parity Is Not Permanent
On the day we have left behind, we have seen that the parity has responded with the slight easing of tension in the international markets. However, with the message from the Chairman of the Federal Reserve (FED), Jerome Powell, that it will continue to tighten monetary policy until inflation falls, we observe that the dollar puts pressure on the currencies of developed countries in the new trading day. On the other hand, recession concerns for the UK economy are still present. Given this outlook, it is unlikely that the currency pair will follow a lasting recovery path. In fact, it is very clear that the uptrend is facing strong resistance at the 30-period weighted moving average (WMA). Technically, we are following the support at 1.2310 to the downside. If the 1.2310 level can be closed with trades in favor of the dollar, the last downward move could continue to the 1.2200 level. The 30 WMA, which is above 1.2505, will retain its importance.
