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: technical levels to trade
2019-11-28 • Updated
SELL 1.2924; TP1 1.2905; TP2 1.2890; SL 1.2935
BUY 1.2955; TP 1.2975; SL 1.2945
GBP/USD met resistance at 1.2950 (resistance line connecting the highs of November). The Awesome Oscillator on the D1 is declining. It means that the pound doesn’t have a lot of bullish momentum to keep pushing higher and may form a short-term top. The pair will likely correct to support at 1.2905 (50-period MA on H4). The next level to watch on the downside will be the 100-period MA at 1.2887. The advance above 1.2950 is needed to open the way up to 1.2970 and 1.2985 (November highs). The level of 1.30 will likely the upside for GBP/USD ahead of the December 12 election.
The odds of a final interest rate hike by the US Federal Reserve (Fed) this year have dropped after US job openings hit their lowest levels since early 2021. This has led to a correction in the US Dollar as traders reduced their bets on further rate hikes.
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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