British Pound Looks Bearish Ahead Of Inflation Report

British pound looks bearish ahead of inflation report

The GBP/USD is still moving lower as it is paving the way toward the 38.2% Fibonacci retracement 1.4310. Both the inflation report and ‘BREXIT’ put pressure on the pound as policymakers’ views on monetary policy are now mixed. Breaking the support point 1.4355 creates a bearish signal to touch the next support levels 1.4315 and 1.4280.

However, rising expectations that the Bank of England (BOE) will not see immediate rate hike changes give support to the GBP/USD, and breaking the strong resistance level 1.4470 will trigger an upward move toward 1.4490 and 1.4525 respectively.

GBP/USD Chart

Disclaimer: 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.

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