Market News

GBP Breaking News: Pound Unmoved After UK CPI Beat

GBP Pound UK CPI

(GBP)Pound steady after UK CPI dip. BoE watches inflation amid global tensions; GBP/USD analysis indicates a potential bearish breakout. 

In recent data released by the UK’s Office for National Statistics, the country’s Consumer Price Index (CPI) displayed a modest decline in headline and core inflation figures despite slightly surpassing initial forecasts. Moderation in food, non-alcoholic beverages, and household goods caused the fall, partially countered by higher motor fuel costs from increased crude oil prices.

While meeting expectations, the report highlights the persistent inflationary pressures within the UK economy. However, there is a glimmer of hope as the Producer Price Index (PPI) has decreased, indicating a potential future drop in CPI figures. The Bank of England (BoE) closely monitors this trend as it prepares for its November meeting.

GBP Breaking News – Pound Unmoved After UK CPI Beat

The announcement led to a brief uptick in the British pound against the US dollar, although market pricing expectations remained unchanged. The BoE, like many global central banks, is likely to maintain a cautious stance in light of escalating geopolitical tensions in the Middle East. As such, upcoming data, particularly the jobs report scheduled for October 24, will be scrutinized to determine the BoE’s next course of action.

Technical Analysis: GBP/USD

the currency pair GBP/USD is trading within a bearish flag formation near the psychological level of 1.2200. Bears are optimistic about a potential breakout below the flag support, especially with the emergence of a death cross. The Relative Strength Index (RSI) supports this bearish outlook, indicating a preference for downside movements with RSI levels below the midpoint.

Key Resistance Levels

50-day Moving Average

200-day Moving Average

Flag Resistance at 1.2308

Key Support Levels

Flag Support at 1.2200

1.2100

1.2000

1.1804

Retail Trader Sentiment (GBP/USD)

Retail trader data from IG shows that 69% of traders currently hold long positions on GBP/USD, indicating a bullish sentiment among retail traders as of the latest data available.

Stay Updated with the Latest Market News. Visit our YouTube Channel for the Latest Forex Analysis.

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Our Newsletter

Subscribe to ForexPropNews Trading Newsletters

Receive the best-curated content by our editors for the week ahead.

Mini Charts

Related Articles

Asia-Pacific Markets Dip on Tech Earnings and Economic Data

Asian markets fell as U.S. tech earnings disappointed. The Nikkei dropped 1.27%,...

Asian Stock Diverge as Wall Street Sees Strong Rebound

Asia-Pacific markets were mixed as Wall Street rebounded. Taiwan's Taiex surged 2.4%,...

Dollar Steady; Gold and Oil Prices Face Challenges: Market Focus

Quiet start to the week with no major news. DXY steadying around...

Profit-Taking and Tech Sector Weakness Drive Down Asia-Pacific Markets

Asia-Pacific markets declined on Friday, reflecting Wall Street’s tech stock sell-off. Japan’s...

Featured educational content

EXPLORE MORE

Featured educational content

New to Forex? Learn to Read Charts Like a Pro

Dive into forex trading basics: chart reading, candlesticks, technical indicators, timeframes, currency pairs. Start your journey to trading success today!

Video: How I Re-Programmed My Mind to be a Consistent Trader (Thanks to The Wolf of Wall Street)

How I Re-Programmed My Mind to be a Killer Trader (Thanks to The Wolf of Wall Street)

Video: This Invisible Trading Indicator Tells you What Day Trade (Not Just Price)

This Invisible Trading Indicator Tells you WHEN to Trade (Not Just Where)

Technical Analysis: Chart Patterns and Indicators for Profitable Investments

Navigate stocks with confidence using chart patterns like Head and Shoulders, indicators such as MACD, and tools like trendlines. Master technical analysis for...

Latest News

Asia-Pacific Markets Dip on Tech Earnings and Economic Data
Market News

Asia-Pacific Markets Dip on Tech Earnings and Economic Data

Asian markets fell as U.S. tech earnings disappointed. The Nikkei dropped 1.27%, Hang Seng down 0.83%, and EV stocks fell.

Asian Stock Diverge as Wall Street Sees Strong Rebound
Market News

Asian Stock Diverge as Wall Street Sees Strong Rebound

Asia-Pacific markets were mixed as Wall Street rebounded. Taiwan's Taiex surged 2.4%, while China's CSI 300 fell 1%.

Copyright © 2023 Forex Prop News. All Rights Reserved.