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GBP/USD Outlook (15 July 2021)

Long
FX:GBPUSD   British Pound / U.S. Dollar
Overall, GBP/USD is ranging across. Recently, GBP/USD bounced down from the key level of 1.39.

The UK CPI y/y data released yesterday indicated a higher-than-expected increase in annual inflation.
  • CPI y/y (Actual: 2.5%, Forecast: 2.2%, Previous: 2.1%)
  • Core CPI y/y (Actual: 2.3%, Forecast: 2.0%, Previous: 2.0%)

The UK employment data will be released later at 1400 (GMT+8).
  • Average Earnings Index 3m/y (Forecast: 7.1%, Previous: 5.6%)
  • Claimant Count Change (Forecast: -32.5K, Previous: -92.6K)
  • Unemployment Rate (Forecast: 4.7%, Previous: 4.7%)

Bank of England committee member Saunders will be speaking later at 1800 (GMT+8). During this time, there may be volatility in GBP.

Currently, GBP/USD is moving towards the support zone of 1.38000 and the next resistance zone is at 1.40000.
Look for short-term buying opportunities of GBP/USD if it bounces off the support zone of 1.38000.

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