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Aug 09 - 03:55 AM

GBP/USD - Bearish Signs For GBP/USD Traders Awaiting U.S. CPI Data

By Jeremy Boulton  —  Aug 09 - 03:20 AM
  • Traders globally await tomorrow's U.S. CPI data f/c 8.7% yy from 9.1%

  • FX markets subdued in advance with GBP/USD in tiny 1.2071-90 range

  • Despite quiet there are a number of bearish indications

  • Recovery rally failed at 1.2292, target for min tech correction prior drop

  • 38.2% drop from Apr 14 peak at 1.3147 to 2022 low is 1.2290

  • GBP/USD rally in lead up to BOE hike failed at 55DMA/daily Ichimoku cloud

  • Cloud and 55-DMA are falling and may weigh on future price action

  • Ranges may drop below cloud base which falls to 1.1986 on Aug 30

  • Since NFP data GBP/USD posts series of lower daily highs (bearish)

  • Middle 20-day Bollinger bands at 1.2055 is pivot point for day traders


Source:
Refinitiv IFR Research/Market Commentary

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