The British pound posted a recovery yesterday as the inflation data showed that the UK’s consumer price index rose 2.9%, more than expected. With the jobs and BoE meeting scheduled this week, the modest recovery is likely to see GBPUSD test the resistance level that could be developed at 1.2800.
The downside remains intact with GBPUSD likely to resume the declines towards 1.2600 to complete the downside target from the head and shoulders pattern. On the 4-hour chart, resistance zone is seen at 1.2800–1.2767.
The downside remains intact with GBPUSD likely to resume the declines towards 1.2600 to complete the downside target from the head and shoulders pattern. On the 4-hour chart, resistance zone is seen at 1.2800–1.2767.
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