GBP/USD regains momentum as UK inflation is higher than expected
📌 GBP/USD has bounced back and is trading around 1.2470 after UK CPI data beat market expectations.
📌 Inflation in the UK has now fallen to 3.2% in March, lower than the previous month's 3.4% but higher than market expectations of 3.1%. After the CPI data was released, the British Pound regained its upward momentum as rising inflation may affect the BoE's plan to reduce interest rates.
📌 On the USD side, the Fed is currently facing an extremely strong economy, and inflation in the US has also accelerated in both recent months, which has strongly influenced expectations for interest rate cuts. interest rate of the whole market, thereby causing the greenback to continuously increase in price in recent times. In addition, in yesterday's speech, Fed Chairman Powell gave the message that "recent economic data shows that the Achieving the inflation target will continue to take longer than expected.
📌 The first level of resistance the pair is facing is around 1.2480 where the EMA 34 on the h4 time frame is holding firm. The 1.2550 resistance level is the most reputable and stable place in case the pair holds the recovery. When the recovery is good enough to maintain the downtrend, the support levels around 1,237 and 1,220 will be enough to fill the price gap left.
📌 Inflation in the UK has now fallen to 3.2% in March, lower than the previous month's 3.4% but higher than market expectations of 3.1%. After the CPI data was released, the British Pound regained its upward momentum as rising inflation may affect the BoE's plan to reduce interest rates.
📌 On the USD side, the Fed is currently facing an extremely strong economy, and inflation in the US has also accelerated in both recent months, which has strongly influenced expectations for interest rate cuts. interest rate of the whole market, thereby causing the greenback to continuously increase in price in recent times. In addition, in yesterday's speech, Fed Chairman Powell gave the message that "recent economic data shows that the Achieving the inflation target will continue to take longer than expected.
📌 The first level of resistance the pair is facing is around 1.2480 where the EMA 34 on the h4 time frame is holding firm. The 1.2550 resistance level is the most reputable and stable place in case the pair holds the recovery. When the recovery is good enough to maintain the downtrend, the support levels around 1,237 and 1,220 will be enough to fill the price gap left.
Comment:
The strategy has touched the support zone
Comment:
GBPUSD break first support zone
Comment:
Trade closed: target reached
Comment:
Trade active
Trade closed: target reached
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The GBP/USD pair remains on the defensive near 1.2430 during the early Asian session on Friday. The downtick of the major pair is backed by the stronger US Dollar as the strong US economic data and hawkish remarks from the Federal Reserve officials have triggered the speculation that the US central bank will delay interest rate cuts to September.