GBPUSD in Uptrend

Saif

Summary:

The CPI inflation rate in both countries leads the market.

BUY GBPUSD

EXP

EXPIRED

1.23089

Entry Price

1.25016

1.22137

1.35393 +0.00238 +0.18%

Pips

EXPIRED

1.22137

1.26340

Exit Price

1.23089

Entry Price

1.25016

Fundamental analysis

Fundamentally on this pair, we witnessed this week the data release in the United States the CPI inflation rate Lower than the previous month and lower than market expectation from 3.7% to 3.1%As we know the Federal Reserve target for inflation in the United States is 2% so this figure we've seen recently can lead to Stop increasing interest rate in the USand this will lead for weaker USD as a currency On the other hand in the United Kingdom the CPI inflation rate Almost remain the same result as a market expectation at 4.6% This figure will keep the pound strong.

United States CPI YoY

Prev: 3.7% Fcst: 3.3% Act: 3.1%

United Kingdom CPI YoY

Prev: 6.7% Fcst: 4.8% Act: 4.6%

Technical analysis

In this 4-hour diagram chart, the market price is 1.23983 we expect the price to move down to the previous demand zone at 1.23000 Fibonacci level at 38.2 to create a new Higher low and from there we expect the price to turn back up to the old supply zone at 1.25000 (Daily chart resistance) to create uptrend with Higher highs and higher lows Following the daily chart uptrend with 20 moving average pointing up.

Trading Recommendation

Trading Direction: Long

Entry Price: 1.23089

Target Price: 1.25016

Stop Loss: 1.22137

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