However, from now to that event, we have an important event could trigger a strong reaction to GBPUSD : UK CPI .
I see that UK economic data in Maywas mixed : good data accompany with bad data, so it's very difficult to anticipate UK CPI today, but in my opinion, UK CPI would be positive. The main reasons is :
- Average Earning pickup.
- Retail Sales recovery.
With two reasons, I believe the coming UK data will be positive and support for Pound.
Look at on the chart, I see GBPUSD once breaks SMA200 ( Any break this level always goes with a trend).
Does this break indeed come with a real trend ?. The question will be answered this week.
Moreover, indicator still has room for more uptick.
Strong resistance is at 1.5800 I draw on the chart, this is indeed a strong support, and I think GBPUSD will test this resistance.
I will hit a BUY position at current price 1.5600, take profit 1.5800, stop loss 1.5400
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