GBPUSD Economic Data: CPI Y/Y

Following from the weak US economic data last friday, further weakness in the USD is anticipated for the weak ahead.

Therefore, two trade ideas for the GBP/USD

Trade Idea 1: Price could bounce off the 1.2855 support level towards the 1.2970 resistance

Given positive CPI data released for the GBP,

Trade Idea 2: Price could break the resistance level, with a big move towards the next resistance level.

Comment:

Would have closed the first trade at +40pips

unfortunately, did a rookie mistake, applied two trade ideas to 1 post

still looking forward to the GBP CPI data tomorrow

Trade closed manually:

First trade closed at 40pips
2nd trade nvr materialised.

although we saw a stronger cpi number, price movement did not align with the data

this was due to several factors, one of which, was the expectation of rate decisions leading from this data released