$GBPUSD Forex Signal: Pound Sells Off After Bailey’s Warning
The UK economy is facing significant challenges because of the ongoing crisis in Ukraine, according to the latest assessment by Andrew Bailey. Speaking at Brussels, the head of the Bank of England said that the living standards of most Britons will decline substantially because of the rising energy crisis. He said that the situation will be worse than in the 1970s during the oil embargo.
Bailey’s speech reflected the difficult situation it is currently in. To deal with the rising inflation, the bank has delivered three rate hikes. But it has also softened its tone on higher rates to reflect the uncertain outlook. The GBP/USD pair also declined as American bond yields cooled down in the evening session. The 10-year and 30-year yields declined a few hours after they inverted. This was the first inversion of the yield curve in years and is a sign that investors expect a recession in the coming months.The GBP/USD pair has been under stiff pressure in the past few days as risks to the UK economy remain.level. It also declined below the 25-day and 50-day moving averages and the important support level at 1.
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