UK Inflation data showed signs of stickiness this morning but a closer look at the data provided many positive signs for the Bank of England. Let's take a look at potential price action setups on some GBP pair moving forward.
We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.2023-10-18 16:05:00UK inflation data this morning did exhibit some positive signs and could explain the lack of bullish price action by the GBP. Market participants seemed to agree as theexpectation for the Bank of England remain relatively unchanged following the CPI release.
Looking ahead to the rest of the week and we do not have a lot of high impact data releases on the docket. In the case of GBPAUD the Australian labor data will be released tomorrow and could aid a further recovery in the Aussie Dollar on a positive print.
For now, the 200-day MA adds further credence to the 0.8700 level while we also have a rising wedge patter in play. A break of the 0.8700 mark could potentially be a trap to clear short sellers before then reversing at the top end of the wedge pattern and may be worth monitoring. Personally, I would advise potential bulls to remain cautious until the upper end of the wedge pattern is broken as well as a daily candle close above the level.
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