GBP/USD Trading Flat Ahead Of UK Inflation Data
FxGrow | Oct 17, 2017 19:23
GBP/USD peeked yesterday to 1.3311 but failed to guard 1.3300 level and dipped to 1.2325 low and closed above 10-EMA at 1.2350 reviving the daily trend to turn bullish, depending on how the pair closes on daily time frame.
Today, the cable is trading flat with 38-pips price action after clocking 1.3268 high, ahead of UK CPI inflation report, followed by BOE's Gov. Carney with expectation for a tone to set the Pound in a certain direction depending on the data outcome. Expectations are placed at 3.00% compared to 2.9% on previous sessions. In case CPI managed to score a 3% and above, the pair will set a new course with a bull destination as the data could motivate Carney for a hawkish tone.
h2 Technical Overview GBP/USD/h2Current price: 1.3256
Closing price: 1.3250
Target: None
Resistance levels: 1.3285 , 1.3333 , 1.3350
Support levels: 1.3240 , 1.3212 , 1.3154
Trend: Sideways
Comment: Overall the market is short term bearish with near term rebounds capped trying to push beyond 1.3285 resistance. A close over 1.3285* or pop over 1.3333-50 signals short term bottoming upturn and could launch a climb to the 1.3410+ area. The roll off from 1.3285 hints for bear forces to pressure selloff back with last Thursday's range. A close under 1.3200 alerts for secondary selloff.
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