- GBP/USD rejected support level
- British CPI y/y
- U.S. CPI m/m
Price Movement
Since yesterday, GBP/USD moved down by around 30pips before moving back up for around 70pips.
Trend
GBP/USD is currently trending downwards.
Macro Background
Consumer Price Index (CPI) measures the change in the price of goods and services purchased by consumers.
The British CPI y/y data is scheduled for release later at 1730 (SGT).
It is expected to perform worse than previous month and if the data release is worse than or as expected, we may see a weakening in pound and GBP/USD will drop.
The U.S. CPI m/m data is scheduled for release tonight at 2130 (SGT).
It is expected to perform better than previous month and if the data released is better than or as expected, we may see the U.S. dollar strengthening and GBP/USD will be going down.
Important Issue
None.
Technical
Yesterday, GBP/USD tested and rejected the support level of 1.28667.
Price Levels
Current Price: 1.29152
Next Resistance: 1.30000
Next Support: 1.28667