The upcoming August inflation data may send mixed signals. The 12-month headline inflation rate is expected to rise to 3.6%, causing concerns for the Biden administration. However, core inflation, which excludes food and energy prices, is projected to decrease to 4.3%, aligning with the Federal Reserve's goals. Past price trends influence both figures, so looking at recent data for a more accurate picture is crucial.
GBP/USD got confused in wedges
2019-11-11 • Updated
BUY 1.3295 SL 1.324 TP 1.3415 TP2 1.352
SELL 1.3045 SL 1.31 TP1 1.289 TP2 1.2715
On the daily chart, GBP/USD keeps consolidating in 1.3045-1.3320 range. A successful test of its lower border will open bears way down to 200% target of AB=CD. On the other hand, a rise above 1.3320 will increase the risks of uptrend’s resumption.
On H1, there’s the senior widening wedge pattern. Taking into account increased volatility in November and formation of the junior pattern, play it on the breaks of resistance at 1.3295 and support at 1.3045.
Here we go again, my friends. It’s time to look critically into the future of what trading opportunities September might have in store for us. As always, it is essential to note that the views expressed here are mine and should not be considered financial advice without proper examination.
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