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SpanishSterling Trades in Narrow Range Ahead of U.K.’s CPI data, 30+ PIP Volatility Likely; Feb 16, 2022
U.K. CPI & Core CPI data
Today U.K. will come up with the CPI & Core CPI data 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:
Jan 19:
Dec 15:
Technical View:
GBP/USD:
- The sterling exhibits range bound movement ahead of U.K.’s CPI data and trading around $1.3550 mark.
- Today pair made intraday high at $1.3549 and low at $1.3524 mark.
- A day chart is up and H1 chart with triple EMA suggests down trend for the time being.
- A sustained close above $1.3552 on H1 chart will check key resistances.
- Alternatively, a consistent close below $1.3520 will check further supports.
| SUPPORTS | RESISTANCES |
| $1.3520 | $1.3552 |
| $1.3498 | $1.3570 |
| $1.3465 | $1.3586 |
| $1.3450 | $1.3615 |
| $1.3412 | $1.3637 |
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