How will US CPI data impact GBP/USD?
Hello traders, with CPI data coming out in less than 4 hours, let us take a look at the
4H chart of GBP/USD.
The situation on the 4H chart is definitely bullish as price has bounced off the 1.2540
support level and currently it is consolidating above the 100 period moving average.
However, spikes or dips during CPI can not be ruled out.
So, is there is a dip to the support zone or at least 1.26 level, I would consider buying
GBP/USD. Similarly, if it spikes up to 1.28 and fails to break 1.28, I would consider selling.
Either way, I would trade after the data is released.
4H chart of GBP/USD.
The situation on the 4H chart is definitely bullish as price has bounced off the 1.2540
support level and currently it is consolidating above the 100 period moving average.
However, spikes or dips during CPI can not be ruled out.
So, is there is a dip to the support zone or at least 1.26 level, I would consider buying
GBP/USD. Similarly, if it spikes up to 1.28 and fails to break 1.28, I would consider selling.
Either way, I would trade after the data is released.
Comment:
Price dips as I indicated in the chart
Trade active:
Bought@1.2565 as per plan
Comment:
Currently the buy is running in loss. However, I have added another buy@1.2538
