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After today’s strong rally, the price could come back to retest the demand zone from above 1.2420. A larger rebound could be activated after taking out the median line (ml) of the descending pitchfork and the 1.2498 static resistance. On the contrary, a new lower low activates more declines.
In the short term, the pair lacks strong conviction. So, we’ll have to wait for fresh opportunities before taking action.
The GBP/USD price rallied today and hit as high as 1.2481 after the UK CPI came in better than expected. Now, the pair has retreated a little and is trading at 1.2457 at the time of writing.
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The downside pressure remains high despite short-term rebounds, as the US dollar is still bullish. The US Building Permits, Housing Starts, and Capacity Utilization Rate came in worse than expected, while Industrial Production reported a 0.4% growth as expected.
Today, the British Pound took the lead as the UK Consumer Price Index reported a 3.2% growth versus the 3.1% growth estimated, while Core CPI announced a 4.2% growth, exceeding the 4.1% growth estimated. However, the HPI and PPI Input came in worse than expected.
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