It came as it had to come in the GBP/USD: The British pound retreated from its highs and corrected some of its recent gains. Before yesterday’s pullback happened, we saw the pound touching a fresh post-Brexit high at 1.4377 but the U.K. employment report put an end to the cable’s rally. As we warned traders yesterday, the pullback was inevitable given the overbought situation in the GBP/USD. The job report was, however, generally positive and likely to keep the Bank of England on track to raise interest rates next month.
Today we have the U.K. Consumer Price Report scheduled for release at 8:30 UTC. If inflation numbers come in weaker than expected, the pound could drop towards 1.4230/20. A significant break below 1.4220 could even open the door for a larger decline towards 1.4150. If the pound sterling is, however, able to gain ground above 1.43, buyers may take the opportunity to buy pounds at lower levels with a higher target at 1.4420.
Here are our daily signal alerts:
Daily Forex Signals:
GBP/USD
Long @ 1.4320 SL 25 TP 20, 40
Short @ 1.4270 SL 25 TP 30-40 Trade has easily hit our profit target on CPI release
Additional daily and long-term entries are available for subscribers.
View our daily signal alerts http://www.maimar.co/category/daily-signals/
Today we have the U.K. Consumer Price Report scheduled for release at 8:30 UTC. If inflation numbers come in weaker than expected, the pound could drop towards 1.4230/20. A significant break below 1.4220 could even open the door for a larger decline towards 1.4150. If the pound sterling is, however, able to gain ground above 1.43, buyers may take the opportunity to buy pounds at lower levels with a higher target at 1.4420.
Here are our daily signal alerts:
Daily Forex Signals:
GBP/USD
Long @ 1.4320 SL 25 TP 20, 40
Short @ 1.4270 SL 25 TP 30-40 Trade has easily hit our profit target on CPI release
Additional daily and long-term entries are available for subscribers.
View our daily signal alerts http://www.maimar.co/category/daily-signals/
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