Sforex

Sterling: UK CPI, Retail Sales next.Neutral Bias

FX:GBPUSD   British Pound/U.S. Dollar
255 2 7
The biggest change last week was Sterling. It bounced about 200 pips from the low 1.5030

The main reason is come from risk Aversion and profit taking. Lack of US and UK data contributes to this correction.

However, with the return of US and UK data, this week promises there will a significant move for GBPUSD             .

UK CPI             on Tuesday is the main focus. I have no idea for this data, but I think BOE has right reason to cut inflation forecast.

I concentrate to analyze Technical Analysis .

Look at on the chart, I draw a double top pattern on the chart. Why do I draw it while this price action occured in the past ?. The reason is the neckline of this pattern plays the role as a meaningful resistance level .

I see a Doji star locates right at the neckine 1.5240, it proved the correction of GBPUSD             could stop at there.

Look at on the bigger picture, A descending channel is capturing price action, GBPUSD             sideway in this channel and we should watch careful the channel.

In my opinion, SHORT Sterling is better LONG , USDollar             is favourite than Sterling, and I maintain the bearish bias.
ChatchaiVong
a year ago
thank so much
Reply
ChatchaiVong
a year ago
thank so much
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out