GBP/USD to further decline this week? Or will CPI show its head?
Hello everyone,
This a fundamental analysis of the GBP/USD pair. The pair is in small hourly downtrend, after super dovish announcements by the BOE, when it comes to rate raises etc.
This week we will see UK's CPI which will solidify the pair's move - hinting downside unless CPI shows up hot again (highly doubtful as the wages/employment is cooling massively in the UK)
Pay attention to the supply boxes I have shown on the graph, a breach of 1.24 will take the pair down to mid 1.22's if the 1.24 is tested again and it holds expect the pair to fly up to 1.25 and above.
My target for GBP/USD at the end of 2023 is 1.27, should everything normalise, that means debt ceiling is solved, US recession kicks in, FED pauses then hints at pivots in late 2023/early 2024.
This a fundamental analysis of the GBP/USD pair. The pair is in small hourly downtrend, after super dovish announcements by the BOE, when it comes to rate raises etc.
This week we will see UK's CPI which will solidify the pair's move - hinting downside unless CPI shows up hot again (highly doubtful as the wages/employment is cooling massively in the UK)
Pay attention to the supply boxes I have shown on the graph, a breach of 1.24 will take the pair down to mid 1.22's if the 1.24 is tested again and it holds expect the pair to fly up to 1.25 and above.
My target for GBP/USD at the end of 2023 is 1.27, should everything normalise, that means debt ceiling is solved, US recession kicks in, FED pauses then hints at pivots in late 2023/early 2024.
Trade closed: target reached:
Perfect trade, target reached, now watching the supply box to see further action downside or upside.
Trade closed manually:
Target reached for the pair, again fantastic trade for the week