Relevance up to 05:00 2020-01-31 UTC–8
The pound rose sharply on the Bank of England’s decision not to change the rate. The market probably thought that the rate would be reduced.
The report on US GDP for the 4th quarter was released. GDP growth of +2.1% was higher than the forecast.
Thus, the news is in favor of the pound and the dollar while the euro is still fluctuating in place.
It is probably time for EURUSD to choose a direction: a new decline and a break below 1.0985 will start the fall to 1.0880.
However, growth to 1.1100 will indicate a reversal.
We are observing.
P.S. In contrast, US GDP (deflator) inflation fell to +1.4%.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Performed by Sam Alan,
InstaForex Group © 2007-2020
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