$GBPUSD Forex Signal: Bullish Engulfing Points to a Brief Rebound
Set a sell-stop at 1.1450 and a take-profit at 1.1350.The GBP/USD pair pulled back slightly after slipping to the lowest level since 1985. The pair dropped to a low of 1.1408, which was about 7.28% below its August high. It then pulled back slightly in the overnight session after the Fed published its Beige Book.The GBP/USD price has been in a strong sell-off in the past few weeks as investors worry about the UK economy.
Meanwhile, the GBP/USD pair rose slightly after the Fed published its Beige Book. The report warned that the economy will decelerate in the coming months. It nonetheless hinted that inflation will continue falling in the near term. The statement added:
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