Fundamental OverviewYesterday, the US Consumer Confidence report surprised to the downside with one of the largest drops since 2021. The labour market data in the report softened a lot and it generally leads the unemployment rate. The market responded by raising the probabilities for the Fed to cut by 50 bps in November to roughly 60%. The question now is whether this is just about the low hiring rate or something worse. We will have to wait for the NFP report next Friday. On the GBP side, the UK PMIs on Monday were a touch softer than expected but still solid compared to its peers. The market expected the BoE to deliver at very least another 25 bps cut in November.GBPUSD Technical Analysis
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