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August 17, 2022

Sterling Trades Marginally Higher Ahead of U.K.’s CPI data, 40+ PIP Volatility Likely in GBP Parities; Aug 17, 2022

U.K. CPI

Today U.K. has scheduled to release various key economic indicators but the most important will be U.K.’s CPI data scheduled at 0600 GMT/1130 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:

July 20:

June 22:

Technical View:

GBP/USD:

The sterling recovers sharply from previous losses and jumps back above $1.2100 mark.
Today pair made intraday high at $1.2116 and low at $1.2083 mark.
A day chart is down and H1 chart with triple EMA suggests up trend for the time being.
A sustained close above $1.2122 on H1 chart will check key resistances.
Alternatively, a consistent close below $1.2090 will check further supports.

Supports	Resistances
$1.2090	$1.2122
$1.2065	$1.2149
$1.2050	$1.2172
$1.2012	$1.2199
$1.2000	$1.2215

Take a look and do trade wisely!
Good Luck

TP Global FX Research Team

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