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FxGrow Daily Technical Analysis – 17th May, 2016
By FxGrow Research & Analysis Team
The GBPUSD upside move on slowing UK CPI data
The GBPUSD rebounded on expectations that inflation rate will remain unchanged at 0.5 percent. The Bank of England (BOE) is not expected to increase rates until 2017 thus supporting the British pound and the GBPUSD needs to break the strong resistance point 1.4545 in order to continue surging higher and to pave the way toward 1.4575 and 1.4595.
However, a slowdown in the UK core inflation data may push out bets for BOE rate hike and thus will open the door for a downside trend and cutting 1.4360 will trigger a lower leg to reach 1.4345 and 1.4315 respectively.
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
By FxGrow Research & Analysis Team
The GBPUSD upside move on slowing UK CPI data
The GBPUSD rebounded on expectations that inflation rate will remain unchanged at 0.5 percent. The Bank of England (BOE) is not expected to increase rates until 2017 thus supporting the British pound and the GBPUSD needs to break the strong resistance point 1.4545 in order to continue surging higher and to pave the way toward 1.4575 and 1.4595.
However, a slowdown in the UK core inflation data may push out bets for BOE rate hike and thus will open the door for a downside trend and cutting 1.4360 will trigger a lower leg to reach 1.4345 and 1.4315 respectively.
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.