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Daily Market Analysis By FXOpen
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[QUOTE="FXOpen Trader, post: 335968, member: 104606"] [B][SIZE=5]GBP/USD Price Declining after Encouraging UK Inflation Data Release[/SIZE][/B] [img]https://i.imgur.com/NqD3EQx.jpeg[/img] After yesterday's disappointing US inflation data, market participants were wary of UK inflation data. But they turned out to be more favorable. → Core CPI: actual = 5.1%, expected = 5.2%, past values = 5.1% → CPI: actual = 4.0%, expected = 4.1%, past values = 4.0% Although in absolute comparison the inflation rate in the UK is significantly higher than in the USA, it is encouraging that over the month it shows a downward trend. This eases pressure on the Bank of England in its tight monetary policy, and therefore the British pound fell in value against other currencies. In particular, the decline against the USD that began yesterday continued. Since yesterday's high, the price of GBP/USD has already decreased by approximately 1%. The GBP/USD chart shows that: → the bears have broken the upward trajectory indicated by the blue lines; → the price develops within the descending channel (shown in red); → the price dropped below the level of 1.25730, which served as support since February 8. [img]https://i.imgur.com/TVrvyJE.jpeg[/img] [B][URL="https://fxopen.com/blog/en/oa-gbp-usd-price-declining-after-encouraging-uk-inflation-data-release/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve"]VIEW FULL ANALYSIS VISIT - FXOpen Blog...[/URL][/B] [I][B]Disclaimer:[/B] This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice. [/I] [/QUOTE]
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