Currency trading on margin involves high risk, and is not suitable for all investors. The data contained in this website is not necessarily real-time nor accurate, and analyses are the opinions of the author and do not represent the recommendations of DailyForex or its employees. Risk Disclaimer: DailyForex will not be held liable for any loss or damage resulting from reliance on the information contained within this website including market news, analysis, trading signals and Forex broker reviews. If this happens, the next key support to watch will be at 1.2200. Therefore, while the pair has some more upside, there is a likelihood that a bearish breakout will happen in the coming days. Further, the pair has formed a rising wedge pattern, which is nearing its peak. At the same time, the Relative Strength Index (RSI) and the MACD have formed a bearish divergence pattern. It has moved above the 25-period moving average and the Ichimoku cloud. The GBP/USD pair has been in a bullish trend in the past two weeks. He also reiterated that the banking sector was safe following the collapse of key banks like Credit Suisse and Silicon Valley Bank. In a statement, the Bank of England (BoE) governor hinted that the bank could continue hiking rates in the coming months. Numbers by the British Retail Consortium (BRC) showed that shop price inflation jumped by 8.9% in March. Meanwhile, in the UK, data published on Tuesday shows that shop inflation rose to a record high in March. Home sales have dropped as mortgage rates have jumped in the past few months. Economists expect the data to show that home sales dropped by 2.3% in February after rising by 8.1% in January. The next key economic data to watch from the United States will be pending home sales numbers. Analysts at Blackrock, the biggest asset manager in the world, hinted that the bank has more hikes to implement. Last week, the Fed decided to hike interest rates by 0.25% and pointed to more hikes in the coming months. The report also showed that the present situation index rose to 151.1 while the expectations index jumped to 73.Ĭonsumer confidence is important data that has an impact on the Federal Reserve. Data by Conference Board showed that the consumer confidence index rose slightly to 104.2 in March from 103.4 in February. UK inflation, US consumer confidenceĪmerica’s consumer confidence rose in March even as inflation remained at an elevated level. It has jumped by ~4.62% from the lowest level this year. It rose to a high of 1.2342, the highest level since February 2 of this year.
The GBP/USD exchange rate continued rising after the strong UK inflation data and positive consumer confidence numbers from the US. Set a buy-stop at 1.2380 and a take-profit at 1.2480.Sell the GBP/USD pair and set a take-profit at 1.2200.
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