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SpanishSterling Remains Volatile Ahead of U.K.’s CPI data, 25+ PIP Volatility Likely; Nov 17, 2021
U.K. Inflation Results
Today the key indicator from the U.K. will be U.K. CPI, Core CPI, PPI Input, PPI Output and RPI data scheduled at 0700 GMT/1230 IST. Consumer prices account for a majority of overall inflation. Inflation is important to currency valuation because rising prices lead the central bank to raise interest rates out of respect for their inflation containment mandate. Here the average price of various goods and services are sampled and then compared to the sampling done a year earlier.
Let’s see how GBP has reacted during the previous data release:
Oct 20:
Sept 15:
Technical View:
GBP/USD:
- The sterling remains slightly volatile ahead of U.K. Inflation data results and trading above $1.3400 mark.
- Today pair made intraday high at $1.3436 and low at $1.3396 mark.
- A day chart and H1 chart with triple EMA suggests up trend for the time being.
- A sustained close above $1.3438 on H1 chart will check key resistances.
- Alternatively, a consistent close below $1.3405 will check further supports.
| SUPPORTS | RESISTANCES |
| $1.3405 | $1.3438 |
| $1.3380 | $1.3476 |
| $1.3365 | $1.3499 |
| $1.3337 | $1.3527 |
| $1.3305 | $1.3555 |
| $1.3278 | $1.3572 |
Take a look and do trade wisely!
Good Luck
TP Global FX Research Team
With a decade of Forex Market insight, TP Global FX Research Team delivers you the Market Insight that boosts your Trading Skills