GBPUSD rises short-term, future promises low?
Updated
Hello dear friends! GBPUSD has ended its upward trend after breaking out of the ascending channel at 1.2250. Currently, the price is trading at 1.2203 as of the time of writing, with a slight adjustment within the descending channel.
On Thursday, data showed that the US Producer Price Index (PPI) increased in September compared to the same period last year, rising from 2.0% to 2.2%. The core PPI also increased to 2.7% from an expected loosening of 2.3%. Due to this reason, in the near future, this pair will face challenges from optimistic economic data from the US.
The target for this decline is set at 1.2119 and lower at 1.0600. If you find this article interesting and helpful, please leave a like and follow to receive the latest updates from me.
On Thursday, data showed that the US Producer Price Index (PPI) increased in September compared to the same period last year, rising from 2.0% to 2.2%. The core PPI also increased to 2.7% from an expected loosening of 2.3%. Due to this reason, in the near future, this pair will face challenges from optimistic economic data from the US.
The target for this decline is set at 1.2119 and lower at 1.0600. If you find this article interesting and helpful, please leave a like and follow to receive the latest updates from me.
Note
If US interest rates continue to ease in the second half of the day, the USD could stand firm and allow GBP/USD to move higher before the end of the week. On the other hand, a cautious opening on Wall Street coupled with a recovery in US bond yields could pressure the pair.Note
The GBP/USD pair gave up most of its recent gains as data from the US showed persistent inflation, dampening the risk appetite of market participants. Overall UK industrial production and manufacturing fell in August as companies cut spending on labor and inventories due to the poor demand outlook.Trade active
Will the decline at 1.2053 be extended, now that the decline has reached 1.2141?Note
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