Sell GBPUSD CPI Data

The GBP/USD pair on the M30 timeframe presents a potential shorting opportunity due to a recent breakout from a wedge pattern.

Possible Short Trade :

Entry: Consider entering a short position (selling GBP/USD) below the broken support trendline of the wedge after confirmation. Ideally, this would be around 1.2720 or lower if the price continues to decline.

Target Levels:
1.2678: This target is achieved by measuring the height of the wedge (from its apex to the breakout point) and projecting it downwards from the breakout point.
1.2650: This is a further extension of the downside target, based on the height of the recent price movement before the breakout.

Stop-Loss: Once the entry point is confirmed, place a stop-loss order above the broken support line of the wedge, ideally with some buffer around 1.2730. This helps limit potential losses if the price unexpectedly reverses and breaks back upwards.

Thank you.

Trade active:

UK inflation:
The BOE’s chief economist said this week that a summer cut could be on the table, although it remains up for debate whether that could be in June or August. Wages remain sticky at 6% y/y, even if unemployment and jobless claims rose whilst job ‘growth’ plunged for a second month. So it could be down to next week’s UK inflation figures as to whether we can expect a cut as soon as June, and whether there is wriggle room for a second 25bp cut before the year end.