GBP/USD Setup To Trade on UK’s Inflation Rate

Cable has formed a pretty nice setup before the release of inflation figures today. Looking at the hourly chart, we can see a descending...


The Sterling posted massive gains after news of Brexit settlements between the EU and the UK. After months of squabbling between London and Brussels, both sides finally declared that there would be a transition period following the UK’s departure from the EU in March 2019. In response, the Pound soared dramatically against its peers. But I’m seeing good opportunities to catch today. Check this out…

 

GBP/USD- Potential Descending Triangle

Traders, the Cable has formed a pretty nice setup before the release of inflation figures today. Looking at the hourly chart, we can see a descending triangle pattern which is supporting the pair at $1.4020. However, resistance prevails at $1.4040.

GBP/USD - Hourly Chart GBP/USD – Hourly Chart

 

A break below $1.4020/1.4000 can lead the pair towards 1.3975 and that’s where GBP/USD completes a 61.8% Fibonacci retracement.

 

GBP/USD –  Key Trading Levels

Support     Resistance 

1.3943    1.4075

1.3901    1.4117

1.3835    1.4183

Key Trading Level:    1.4009

 

GBP/USD –  Trading Plan

Investors are advised to keep a close eye on $1.400 & 1.3985. Above these areas, the market is likely to continue its buying trend. I will be looking to take a bullish position above these areas.

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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