We had a good start this morning, but the guys responsible for the UK inflation report doesn´t like to see us happy. Not long after we opened a sell forex signal in GBP/USD, the inflation report was released and it made the GBP pairs jump about 50-60 pips.
GBP/USD jumped and reversed, only to trigger our SL.
Higher global inflation and weaker GBP have helped UK prices pick up and this report was probably the best one in a long time and not only for the UK.
Yearly UK consumer inflation (CPI) grew from 1.2% to 1.6%, RPI moved to 2.5% from 2.2% previously, and the house price index (HPI) rose by a massive 6.7%.
The strangest thing though is the miss in the producer price inflation (PPI). The weak GBP is supposed to help producer inflation since they import most of the raw material from abroad.
Anyway, GBP/USD jumped higher and it hit the stop loss of our GBP/USD signal, unfortunately. It has now stalled because PM, May, will be live in about an hour to talk Brexit.
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