Yesterday, the GBPUSD traded up to approach the 1.23 price area, a high last reached on 15th February.
However, as the move was quickly reversed as the GBPUSD retraced to retest the 1.22 price level again.
As the price failed to break below the support level and maintains above the upward trendline, the GBPUSD is likely to continue with its upward momentum.
UK CPI data is due to be released today and is expected to signal a slowdown in inflation growth. While this might provide some short term price volatility, which could see the GBPUSD trade slightly lower, the BoE interest rate decision is still due tomorrow. The BoE is expected to increase rates by 25bps as it continues to target bringing inflation down to the 2% target level.
Look for the GBPUSD to continue trading higher, to retest the 1.23 round number high, with the major key resistance level at 1.24.
However, as the move was quickly reversed as the GBPUSD retraced to retest the 1.22 price level again.
As the price failed to break below the support level and maintains above the upward trendline, the GBPUSD is likely to continue with its upward momentum.
UK CPI data is due to be released today and is expected to signal a slowdown in inflation growth. While this might provide some short term price volatility, which could see the GBPUSD trade slightly lower, the BoE interest rate decision is still due tomorrow. The BoE is expected to increase rates by 25bps as it continues to target bringing inflation down to the 2% target level.
Look for the GBPUSD to continue trading higher, to retest the 1.23 round number high, with the major key resistance level at 1.24.
Join my mailing list jindaotai.com/joinme
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Join my mailing list jindaotai.com/joinme
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.