Bank of England

GBPUSD – Technical Outlook & Forecast Ahead Of CPI

Hello Traders,

The GBPUSD has been within a decline cycle since the recent peak from 26.09.2024 around the 1.3435 area into the 1.26000 area.

GBPUSD – Daily – Trendline Retest – A Key Area 

gbpusd 19.11.2024

We can see that the pair is retesting a major trendline in which we had the 04.10.2023 & 22.04.2024 lows and an area in which buyers might try to defend.

gbpusd 19.11.2024 4h

 

In the 4hr chart we can see that the pair has made new lows with RSI divergence and the channel has been breaking out to the upside which may potentially signal a reversal and an attempt from buyers to push the market higher.

On the fundamental side tomorrow at 07:00 AM GMT the UK CPI is expected to be released with a forecast by economists at 2.2% in which is higher against the previous month’s 1.7%. A potential rise and higher inflation might be a catalyst for the GBP to become bullish for at least the short term and peak up some bullish bias in the 1hr and 4hr cycles.

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