GBPUSD → Support breakdown. CPI in the UK is declining...

16 thg 10, 2024

GBPUSD confirms the bearish market structure. The price is breaking the support. Fundamental data is favorable for further continuation of the fall.



UK Inflation:

• m/m = 0% (expectation +0.1% / previously +0.3%)
  
• YoY = +1.7% (expected +1.9% / previously +2.2%)
  
• Core CPI = +3.2% y/y (expected +3.4% / previously +3.6%)
  

The USD index are rising on strong US economic data (last week's potential). All these data together have a corresponding impact on the currency pair, which breaks the support of the uptrend. A price consolidation below 1.3000 (strong psychological level) will open the way to 1.28-1.26.

Support levels: 1.3000, 1.2938
Resistance levels: 1.309

Selling on the currency pair is intensifying, the price is entering the risk zone and the buyers are getting even more nervous... In the short term, a retest of the previously broken trend support is possible, followed by a fall towards 1.28-1.26

Rate, share your opinion and questions, let's discuss what's going on with ★ GBPUSD ;)

Regards R. Linda!

17 thg 10, 2024

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In the activation zone...