GBPCHF Technical Analysis
GBPCHF is moving up and down between the resistance and support level.
In previous month 18-May-2020, GBPCHF is standing exactly at this bottom price level 1.1750
Now, After 1 month today (19-June-2020), GBPCHF landed at this bottom zone.
Let’s wait for the confirmation of reversal or breakout.
It is making a swing movement between specific price ranges in an Uptrend rally.
UK Government Debt hits harder after 57 years
UK Budget deficit surged in May and government debt above 100% of GDP for the first time since 1963.
Borrowing 55.2 billion pounds showed (69 billion pounds last month) spending cost surged and tax revenue plunged leads to a weaker economy for UK.
Deficit increases and wages for 12 million jobs paid by the country.
Additionally more stimulus, tax cuts in the pipeline for the smoothening economy.
The numbers showing UK government spending almost 50% in month and revenue plunged 28%, net debt increased and overall reflected the Bank of England debt which raised to 100.9% of GDP.
The budget deficit now almost 55 billion pounds and overall seems 270 billion pounds deficit is 14% of England’s GDP, it may increase furthermore in anytime since second world war.
Slower Economy growth leads to 70 billion pounds borrowing in 2024-2025 and faster growth reflects 40 billion pounds to borrow every year for UK government
As of now UK finance minister helping BANK OF England borrowing bond-buying program in 100 billion pounds for managing risks. maybe it goes to 300 billion bonds buying program at the end of the year.
Numbers of UK economy stood well before Virus hits, and within 22 billion pounds borrowing. After Virus Spread, it worsens the Britain economy.
Technically, in GBPCHF, we are expecting a bounce back from the bottom zone.
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