- GBP / USD Price Analysis suggests longer disposal in a row in the English bank.
- Inflation in the UK accelerated from 3.6% to 3.8%.
- Traders are waiting for FOMC logs.
GBP / USD Price Analysis suggests longer disposal in the English bank, because inflation in the UK remains large. As a result, the function recovered from the fall of the previous day. Meanwhile, the American dollar had stable than most of his peers in front of FOMC and the symposium of hole Jackson.
–Are you interested in learning more about trading on forex options? See our detailed guide-
Data on Wednesday found that inflation in the UK accelerates from 3.6% to 3.8%. In the meantime, economists expected inflation to increase by 3.7%. Inflation of services has also come higher than expected. The default data will facilitate the pressure on the bank of England to reduce interest rates.
The policy creators have already been ready for a break at the last meeting. With this report, the next incision may come next year.
“Economy experiences high inflation and low growth that will probably stay until next spring,” said Chief Economist Ian Stewart Deloitte. He said it was unclear whether Boe would reduce the rates in 2025 again. Years.
Meanwhile, traders are waiting a few minutes from FOMC. However, they may not be more useful as the meeting came before the report on July. Meanwhile, Powell can give traces of politics in the Jackson Hole Symposium.
GBP / USD Key events Today
GBP / USD Technical price analysis: Pricing jumps after hitting a new low
On the technical side, the GBP / USD price refused after recent fall. However, it still trades below 30ths, with RSI under 50, suggesting bear bias. The price made a new lower below 30th, a sign that bears find legs. However, the price suddenly made a strong bicak candle that could lead to return to 30th.
–Are you interested in learning more about forex tools? See our detailed guide-
Although the bears took lead, they have not yet resolved SMA as resistance. If he holds the firm, the padner will continue with the new low. However, if the SMA is entered, the price will retire resistance level at 13575.
If the bears stay in the lead, the price will probably be reduced to the level of support from 1,3401. On the other hand, the break above the SMA would signal the shift in a feeling that could be possible to allow the previous Usttrend.
Looking for forex trading now? Invest in Ethorro!
67% of retail orders lose money when trading CFDs with this provider. You should consider whether you can afford to take a high risk of losing money.
