The Price Of The GBP/USD Pair May Return To Downward Trend

Analysis Of Cable Market (GBP/USD) By Laurie Bailey

Yesterday, the pound gained 48 points. The price is winding up with a wavy line to the level of 1.1525, which started in the final days of August. Consolidation below the level opens the nearest target at 1.1385, then 1.1305. Most likely, the strong movement on the 13th was the start of a new phase of the medium-term decline.

Exchange Rates 15.09.2022 analysis

The pair's vigorous growth from yesterday was associated with the release of inflation data, which showed a slight weakening. In particular, the overall August CPI fell from 10.1% y/y to 9.9% y/y, which significantly softened the gloomy expectations of a "hard landing" of the British economy. Today, the main news will be the release of US data on retail sales for August. Growth by 0.2% is expected against 0.0% in July. It is likely that good data will strengthen the dollar throughout the market.

Exchange Rates 15.09.2022 analysis

The price lingers above the MACD indicator line on the four-hour chart. However, the situation is more downward, as the price has not gone above the balance line, which indicates the development of yesterday's growth as a correction, and the Marlin Oscillator is kept in the downward trend zone. The final confirmation of the price's return to the downward medium-term channel will be its departure under yesterday's low (1.1480).

Relevance up to 04:00 2022-09-16 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Read more: https://www.instaforex.eu/forex_analysis/321750

Analysis Of Cable Market (GBP/USD) By Laurie Bailey

InstaForex Analysis

Instant Trading EU Ltd. is the CFD broker regulated by CySec with license number 266/15.

 

Besides CySEC, Instant Trading EU Ltd. is also supervised by the Czech National Bank (CNB), the Slovak National Bank (SNB), and the Polish Financial Supervision Authority (KNF). Consequently, InstaForex has branches in the Czech Republic, Slovakia, and Poland, where it provides support in local languages. InstaForex is a member of the Investor Compensation Fund (I.C.F) which is an additional security for the client's funds. Besides, the broker ensures the Negative balance protection. So, the reliability and trustworthiness of this broker raise no doubts.

 

Instaforex offers access to more than 2,500 instruments (Stocks CFDs, ETFs, IPOs, Indices, Commodities, Forex, Cryptocurrencies, US Synthetic Stocks) and the MT4 and MT5 platforms, trading accounts in EUR, USD, PLN, CZK, GBP.

 

More information at: www.instaforex.eu

Follow InstaForex on:

Twitter | LinkedIn