Today's GBPUSD trading strategy will be slightly bearish
It’s a wild ride in the world of currency! Recent news about UK inflation is turning heads. The British Retail Consortium (BRC) shared that retail prices climbed by 4.3% in the year leading to December. But wait, there's more! Food prices’ inflation slowed down to 6.7% from 7.8% the previous month. MUFG, the wizards of financial insight, pointed out that this data signals a cool-down in inflation risks. Numbers don’t lie – the 6-month annual rate until November stood at a mere 0.6%, while the core rate was a modest 2.4%. Inflation's coming down as fast as it shot up in the year’s first half.
But hold on tight! The GBP/USD seems to be in for a bumpy ride. Why, you ask? Well, the Fed's tough stance on rates is playing its part, giving the pound a bit of a weight to carry. And there's more drama—UK’s economic growth seems to be slowing down. Brace yourself, as experts foresee a possible drop in the GBP/USD, eyeing that support level of 1.2580. Mark your calendar, as the next UK inflation data’s making an entrance on January 17.
Hey, it's not all numbers and graphs! Let’s peek into the UK economy’s mood. The Institute of Directors (IoD) had a rollercoaster ride with their confidence index. After a gradual climb since June, it stumbled down to -28 from -21 in November. Costs and wages expectations? They’re sky-high, hinting at some heavy inflation pressures. The IoD’s Policy Director, Roger Parker, spilled the tea on rising interest rates, saying it's been a bit of a downer. According to Parker, improvements in inflation haven’t quite hit the decision-making part of the business.
But hold on tight! The GBP/USD seems to be in for a bumpy ride. Why, you ask? Well, the Fed's tough stance on rates is playing its part, giving the pound a bit of a weight to carry. And there's more drama—UK’s economic growth seems to be slowing down. Brace yourself, as experts foresee a possible drop in the GBP/USD, eyeing that support level of 1.2580. Mark your calendar, as the next UK inflation data’s making an entrance on January 17.
Hey, it's not all numbers and graphs! Let’s peek into the UK economy’s mood. The Institute of Directors (IoD) had a rollercoaster ride with their confidence index. After a gradual climb since June, it stumbled down to -28 from -21 in November. Costs and wages expectations? They’re sky-high, hinting at some heavy inflation pressures. The IoD’s Policy Director, Roger Parker, spilled the tea on rising interest rates, saying it's been a bit of a downer. According to Parker, improvements in inflation haven’t quite hit the decision-making part of the business.
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✅TP1 2040
✅TP2 2038
❌SL 2058