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Hello everyone, today XM Forex will bring you "[XM Forex Decision Analysis]: A double top pattern forms before the Bank of England interest rate decision." Hope this helps you! The original content is as follows:
XM Foreign Exchange APP News - On Thursday (November 6), the price of GBP/USD showed an overall upward trend in shock. In early trading, the price mainly rose with slow shocks, then accelerated in the afternoon, and then fell back slightly but still remained at a high level. This trend reflects the dominance of short-term bullish forces and market buying pushing prices higher. GBP/USD fell to its lowest level since April after UK Chancellor of the Exchequer Rachel Reeves hinted that her upcoming budget would include tax increases. Meanwhile, traders are awaiting the Bank of England's upcoming interest rate decision, a factor that also pushed the pair lower. UK tax hikes and Bank of England rate decision The GBP/USD exchange rate fell sharply after Rachel Reeves gave a pre-budget speech in parliament. In his speech, the British Chancellor of the Exchequer hinted at increasing taxes on the rich. This tax increase rmqpw.cnes at a time when some wealthy people have chosen to immigrate to other countries to avoid taxes. What is even more noteworthy is that the tax increase rmqpw.cnes at a time when British residents are suffering from high inflation - the British inflation rate soared to 3.8% in September. The current stagflation situation in the UK is also likely to continue for some time. Stagflation refers to a state in which a country's economic growth stagnates in a high-inflation environment. It is against this background that the Bank of England will announce its interest rate decision later today. Economists expect that a majority of central bank members will vote to maintain interest rates at current levels. Cutting interest rates during a period of high inflation will further push up prices. The day before the Bank of England decision was announced, the United States released strong economic data. Data from Automated Data Processing (ADP) showed that the private sector added 42,000 jobs in October after losing 32,000 jobs in September. More data showed that U.S. service sector output has improved. Institute for Supply Management (ISM) The non-manufacturing purchasing managers index (PMI) rose to 52.4 in October from 50 in the previous period, while the similar index published by S&P Global rose to 54. PMI readings of 50 and above indicate that the industry is in expansion mode.
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