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Technical Outlook

  

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 previous Actual data was 3.9%. The forecasted data is 3.8%. The report is due Wednesday, January 17, 2024, 12:30GMT

GBPUSD Technical Analysis:

GBPUSD was in an uptrend, forming higher highs and higher lows. We could see the 21EMA moving below the price as it moves up. A price action pattern- An ascending triangle is soon on the chart, signaling that the price may break the resistance of $1.28055, after which the price may increase further.

However, it is one of the probabilities, but if the price breaks the diagonal support of the triangle, the price may go down. An additional signal comes from the RSI. The RSI line is at 55.32, which indicates a slight overbought condition. The RSI Bearish Divergence is on the chart, signaling the bearish move is due. The market may go in a downward direction soon.

Pivot Points: GBPUSD

  Support  Resistance
S11.2718R11.2737
S21.2706R21.2744
S31.2699R31.2756

U.S. Core Retail Sales MoM

Core Retail Sales measures the change in the total value of sales at the retail level in the U.S., excluding automobiles. It is an important indicator of consumer spending and is also considered as a pace indicator for the U.S. economy.

A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD.

The previous actual data was 0.2% better than the forecast -0.1%. The new forecasted data is 0.2%. The upcoming report is due on Wednesday, January 17, 2024 19:00GMT.

USDJPY Technical Analysis:

USDJPY was in a Bearish move. The price moved inside the bearish channel, forming lower highs and lower lows. The price has been trading below the 21EMA, signaling a strong bearish trend.

Recently, the price broke the previous swing high at $143.851 on 4th Jan 2024. A Doji candle was formed after breaking the previous high, and the price returned to the broken zone. This break and retest was a great buying opportunity for the traders. At this point, the price also took the support from the 21EMA, validating the LONG trade opportunity.

The price has started to form higher highs and higher lows—traders will have a good buying opportunity once the price breaks its new resistance at $145.877.

Pivot Points: USDJPY

  Support  Resistance
S1145.62R1145.79
S2145.55R2145.89
S3145.45R3145.95

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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