Instrument: GBPUSD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.30116 with take profit at 1.30195
Bearish Preference:
Sell position is envisaged if price trades below 1.29668 with take profit at 1.29508
Fundamentals:
1:30pm USD PPI m/m
USD Core PPI m/m
Comment:
The U.S. dollar edged higher in early European trade Wednesday after the release of red-hot inflation data. GBP/USD fell after data showed U.K. inflation climbing to its highest in over 30 years in March, with the annual rate of consumer inflation climbing to 7.0%, up 1.1% in month-on-month terms. The Bank of England has lifted interest rates at its last three meetings, to above the levels seen pre-pandemic, but so far this has done little to impact the growing cost-of-living crisis in the country.
Analysis: SCRUM Team