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On May 9th, according to CCTV, Li Qiang chaired an executive meeting of the State Council, during which a report was heard on the construction of the national comprehensive transportation system. The meeting emphasized the need for coordinated advancement of transportation infrastructure construction, adhering to integrated planning and systematic integration, effectively utilizing existing resources and optimizing new supply. It stressed the importance of improving management and service levels, creating a more convenient travel environment to facilitate the smooth flow of people and goods, and promoting cost reduction, quality improvement, and efficiency enhancement in freight transportation. The meeting also called for deepening reform and innovation, building a unified and open transportation market, actively promoting the application of new technologies, developing new transportation business models safely and orderly, and cultivating more new growth points.On May 9th, according to CCTV, Li Qiang chaired an executive meeting of the State Council, which discussed and promoted work related to resolving local government debt risks. The meeting pointed out that since the implementation of the comprehensive debt reduction plan, significant progress has been made in resolving debt risks. It is necessary to continue focusing on key areas and weak links, improve policies supporting debt reduction, enhance local governments ability to repay debts independently, and ensure the timely completion of debt reduction tasks. It is also necessary to establish and improve a long-term mechanism to resolutely prevent the creation of new hidden debt.On May 9th, according to CCTV, Li Qiang chaired an executive meeting of the State Council, emphasizing the need to strengthen the planning and construction of water networks, new power grids, computing power networks, next-generation communication networks, urban underground pipe networks, and logistics networks. He stressed that efforts to ensure peoples livelihoods should focus on stabilizing employment and providing a safety net, while also improving education, healthcare, childcare, and rural development. He called for greater efforts and more concrete measures to strengthen basic research, placing it high on the agenda, identifying key areas and priorities based on both urgent national needs and long-term objectives, increasing investment through multiple measures, and fostering a favorable research environment.On May 9th, according to CCTV, Li Qiang chaired an executive meeting of the State Council, which reviewed and approved the "Draft Implementation Regulations of the Mineral Resources Law of the Peoples Republic of China." The meeting emphasized the need to strengthen the management of the entire mineral resource chain in accordance with the law, scientifically determine the list of strategic mineral resources, improve resource reserves and emergency response systems, and comprehensively enhance the level of mineral resource security.According to CCTV: Li Qiang chaired an executive meeting of the State Council to study and promote relevant work on resolving local government debt risks.

GBP/USD Price Analysis: Bearish Dollar Pressure Exposes a Drop to Near 1.2500

Daniel Rogers

Apr 27, 2022 09:51

The GBP/USD pair has been collapsing like a house of cards since Friday, when it fell below the two-week-old resistance level of 1.2973. The asset has declined by around 3.70 percent during the last four trading sessions and shows no signs of reversal at the moment.

 

On a daily basis, the negative break of the Falling Channel has bolstered the greenback bulls. The chart pattern's top boundary is drawn from the June 2021 highs of 1.4249, while the lower boundary is drawn from the April 2021 low of 1.3669. When the Falling Channel is broken, volume expands and ticks get wider.

 

The 10- and 20-period Exponential Moving Averages (EMAs) are going down at 1.2838 and 1.2945, respectively, adding to the downside filters.

 

Additionally, the Relative Strength Index (RSI) (14) has moved into the negative zone of 20.00-40.00, indicating the possibility of a new downward impulsive wave.

 

Following a colossal decline, a pullback appears imminent. As a result, investors should wait for a fall to reach the 1.2800 round level roadblock before initiating new short positions. Responsive selling at 1.2800 will pull the asset towards the 1.2600 and 1.2500 round level supports, respectively.

 

On the other hand, if the asset surpasses the psychological resistance level of 1.3000, the cable may perform nicely. This will push the pair closer to Thursday's high of 1.3090, and then to a three-week high of 1.3147.

Daily GBP/USD Chart

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