In our Daily Trade Watch video, we look for high probability trade setups that we can trade throughout the day. Today, we take a close look at an important data release for the GBP.
At 9.30 am tomorrow morning, we have y/y CPI data due out. This is an important figure which the BOE and MPC members will be watching closely. Last week, Carney and BOE had already expressed a bearish bias for the UK economy, especially, if the trade talks between the UK and EU do not work out.
As a result, from a technical perspective, we have prepared for a greater than expected CPI figure. If this is the case, we like the GBPUSD higher above 1.3030 and we like the GBPJPY higher above 143.50. If the CPI figure released is negative, of course, the pound will weaken but the clearly defined trading opportunity and entry prices are a bit harder to work with as we wait to see how price reacts.
Important Data Release for the GBP – Full Video Analysis
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