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Buying the Retreat in GBP/USD After the Jump in US Inflation, As the 20 SMA Holds
GBP/USD surged higher on Monday, breaking the big round level at 1.40 and increasing above 1.41, as the USD turned bearish once again. yesterday this pair traded around 1.4150, while today the price retreated down below 1.41 after the jump in US CPI inflation during April.
The UK GDP report which was released this morning showed a decline in Q1, although that was expected. The 20 SMA (gray) held for the GBP/USD on the H4 chart, so the bullish trend is expected to resume again soon. That’s the reason for going long in this pair a while ago. Below is the UK GDP report for Q1, and the other data for March.
Q1 UK GDP Report
- UK Q1 GDP QoQ -1.5% vs. -1.6% expected
- Q4 of 2020 GDP was +1.3%, so no recession
- YoY GDP in March came at -6.1% vs. -6.1% expected
- February GDP YoY was -7.3%
- March GDP MoM +2.1% vs. 1.5 % expected
- February GDD MoM was 0.4%
GBP/USD
The GBP held well, since the March month results were encouraging despite a difficult quarter. April should be better when that data comes given the reopening of the economy and services above all. So, now we are long on this pair.
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