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Technical Outlook

  

-GBPUSD is trading between $1.26274 and $1.29509 and traders must wait for these level to breach.

-EURUSD price is above the 200MA and is about to cross the below the 50MA showing a range movement is due.

U.K. Consumer Price Index (CPI) YoY

The Consumer Price Index (CPI) measures the change in the price of goods and services from the perspective of the consumer. It is a key way to measure changes in purchasing trends and inflation.

A higher than expected reading should be taken as positive/bullish for the GBP, while a lower than expected reading should be taken as negative/bearish for the GBP. The last months forecasted data was 8.2% while the actual was 7.9%.

The report is due Wednesday, August 16, 2023, 11:30 GMT

GBPUSD Technical Analysis:

GBPUSD was in an uptrend and had been trading inside a bullish channel forming higher highs and lows. The price recently broke below the bullish channel, followed by breaking below the 50MA. 

While the price is heading down, it is taking support from the level of $1.26274. This level was resistance before until the price broke above it. The overall trend still looks bearish as the price is above the 200MA. The crossing of 50MA shows the price may trade in a range for the short term.

The RSI line is at 41.55, showing a slight inclination towards the oversold sentiment. As the price is trading between $1.26274 and $1.29509 support and resistance, traders should wait for the break of any of these levels and confluences for trade confirmation.

Pivot Points: GBPUSD

  Support  Resistance
S11.2667R11.2673
S21.2664R21.2676
S31.2661R31.2679

Eurozone Consumer Price Index (CPI) YoY

The Consumer Price Index (CPI) measures the change in the price of goods and services from the perspective of the consumer. It is a key way to measure changes in purchasing trends and inflation. The last released data was same as the forecast 5.3%.

The report is due Friday, August 18, 2023 14:30 GMT

EURUSD Technical Analysis:

EURUSD does not have a clear trend but a bullish sentiment. The market has been trading between both the 50 and 200MA for quite some time. While the price was in a bullish channel, it recently broke below the diagonal support and is moving down.

The RSI level is at 42.71, showing neutral overbought and oversold conditions. Currently, the price is above the 200MA and crossing below the 50MA, indicating long-term bullish and short-term bearish trends. However, the price may go into a consolidation state.

After forming a high at $1.12412 on around 18th July 2023, the price is now at a level of $1.09327 and has recently formed a shooting star candle showing the market has more bears than bulls. However, the market is bullish until the major low level of $1.08365 is breached below, forming consecutive lower highs and lows.

Pivot Points: EURUSD

  Support  Resistance
S11.0930R11.0935
S21.0927R21.0937
S31.0925R31.0940

Vantage does not represent or warrant that the material provided here is accurate, current, or complete, and therefore should not be relied upon as such. The information provided here, whether from a third party or not, is not to be considered as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any financial instruments; or to participate in any specific trading strategy. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. We advise any readers of this content to seek their own advice. Without the approval of Vantage, reproduction or redistribution of this information is not permitted.

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