ByJin Dao Tai
MAY 20, 2021
Overall, GBP/USD is trending upwards. Recently, GBP/USD bounced down from the key level of 1.42 due to the strengthening of USD as a result of the released hawkish FOMC meeting minutes.
The UK CPI y/y data released yesterday indicated that annual inflation in the UK rose in April as forecasted.
- CPI y/y (Actual: 1.5%, Forecast: 1.5%, Previous: 0.7%)
- Core CPI y/y (Actual: 1.3%, Forecast: 1.3%, Previous: 1.1%)
Bank of England committee member Cunliffe will be speaking later at 1705 (SGT). During this time, there may be volatility in GBP.
Currently, GBP/USD is testing to break below the key level of 1.41. Its next support zone is at 1.40000 and the next resistance zone is at 1.43500.
Look for short-term selling opportunities of GBP/USD if it breaks below the key level of 1.41.
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