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April 13, 2022

Sterling Trades Slightly Higher Ahead of U.K.’s CPI, Core CPI data; 30+ PIP Volatility Likely in GBP Parity; April 13, 2022

U.K. CPI, Core CPI Data

Today U.K. has scheduled to release CPI, Core CPI, PPI input and PPI output data 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:

March 23:

Feb 16:

Technical View:

GBP/USD:

The Sterling trades slightly higher on Wednesday and hovers around $1.3000 mark.
Today pair made intraday high at $1.3014 and low at $1.2987 mark.
A day chart and H1 chart with triple EMA suggest down trend for the time being.
A sustained close above $1.3030 on H1 chart will check key resistances.
Alternatively, a consistent close below $1.2991 will check further supports.

Supports	Resistances
$1.2978	$1.3030
$1.2944	$1.3055
$1.2910	$1.3076
$1.2881	$1.3099
$1.2857	$1.3126

Take a look and do trade wisely!
Good Luck

TP Global FX Research Team

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