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Back Fundamental analysis
Overview of GBP/USD on November 8; Rates Lowered, Pound Rises—Why?
The GBP/USD pair rose on Thursday
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The GBP/USD pair rose on Thursday after the Bank of England lowered its key interest rate. Why did this happen, and why is it unsurprising? Earlier this week, we warned that a flood of significant fundamental events could cause volatile price swings in both directions. On Wednesday, the pair dropped nearly 250 pips—an event that happens once every few months at best. By Thursday, the pound was locally oversold, and the Bank of England's rate cut decision had been anticipated
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