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GBPUSD Overview: UK and US Inflation Data Ahead

GBPUSD recovers from 1.28200 support as we published in our latest analysis.

UK and US inflation data will be released today.

The headline UK inflation is expected to decelerate to 2.0% y/y in January hitting the Bank of England inflation target.
Beyond short-term inflation the taming effect of lower oil prices, domestic price pressures are building up keeping the expectations above the target.
The core UK inflation is expected to remain stable at 1.9% y/y.
Sterling is unlikely to see much inflation driven movement as Brexit headlines dominate the market.

Technically: 

Cable broke the bearish trend line on the H4 chart.

1.29390, 1.29700 and 1.30000 could be tested today. A better than expected UK data set could send the pair towards 1.3000. US CPI figures will determine the next direction of the pair.

Stop Loss Of the Long trades should be set at 1.28300 – 1.28100

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GBPUSD: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility

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