Cable Update (GBPUSD)

Long 1.2710 SL 1.2690

Respected Experienced traders, i am new here from pakistan. trying to understand technical analysis as well as fundamental analysis trade setup... i dont understand some time figures are good even then trade goes in opposite directions, why this happened oftenly, i can i understand this mechanism? any book and youtube channel to understand this mechanism? or we should not trade on news? em learning to trade on elliot wave pattern. can someone guide or suggest some youtube stuff pls.
thanking you in advance... pls guide me

Very nice

Nice

Data is a miss! Lower than last month but not as aggressive as forecasted.

done closed 35p

adding shorts 2742, 45

Sold 1.2745

G/M, mostly higher than forecast Uk data react sees an upside break of Asian hi to just shy of 76.4% 2893-2300 move @ the current dly hi. 1hr/4hr 'general' uptrends remain intact. Although headline Uk Cpi @ 2.3%was higher than the 2.1% forecast, it is near the Boe/Mpc 2.0% target, although core inflation was also higher than forecast.

1hr below

Almost down 1% and still it goes up. Idk odd to me.

add short 1.2752 SL 1.2772 TP 1.2710

There's the short trap!

it never went down, it dropped because larger data dropped out than the new data that printed

So yoy cpi doesn't matter that it's dropped .9%

CPI, inflation went up double the target

so a sharp raise just started ! decision making in the process then , sharp raise followed buy sharp fall followed by a plateau! after 2746 , next level goes 2781 with below 2738 correct or not at all ! watching for 2753/2754 breaks and hold !

The market considers and prices in the CPI estimates of each currency for a pair (GBP/USD).
Anything printed above the CPI estimate will then likely produce a positive price reaction for the relevant currency.

Remember, the USD CPI last week was also under the estimate

ah so yoy cpi is not at 2.3% but rather more than the previous by double is what your saying.

please explain.... I see it went down but not as much as forecast...still better than most .....and close to final target

the MoM is double target and thats a problem with the data that exists