Chance to Grab 25+ PIP Movement During U.K. CPI Data, Oct 21, 2020

U.K. CPI & Core CPI Data

U.K. will publish CPI, core CPI, PPI input, PPI out and many other relevant data around 0600 GMT/1130 IST. The Consumer Price Index (CPI) measures the change in the price of goods and services from the perspective of the consumer. It is a key way to measure changes in purchasing trends and inflation. A higher than expected reading should be taken as positive for the GBP, while a lower than expected reading should be taken as negative for the GBP. As multiple data are releasing at the same time and in case of mixed data, market may create volatility in the GBP counterparts.

Let’s see how GBP has reacted during the previous data release:

Sept 16: Positive CPI & Core CPI Data

Aug 19: Positive CPI & Core CPI Data

Technical View:

GBP/USD: The pound rises sharply ahead of U.K. CPI and Core CPI data. Today pair made intraday high at $1.2979 and low at $1.2934 mark. A sustained close above $1.2942 will drag the parity up towards $1.2976, $1.3024, $1.3092, $1.3122, $1.3154 and $1.3182 mark respectively. Key support levels are seen at $1.2889, $1.2854, $1.2822, $1.2752, $1.2723, $1.2675, $1.2632, $1.2602 and $1.2570 mark respectively.

Take a look and do trade wisely!
Good Luck