See also
13.01.2023 06:29 PMThe GBP/USD pair continues to move somehow sideways in the short term. The price action tries to accumulate more bullish energy before extending its growth. Fundamentally, the US Consumer Price Index reported lower inflation in December, that's why the greenback remains bearish.
Today, the UK data came in mixed. The GDP rose by 0.1% beating the 0.2% drop expected, Construction Output reported a 0.0% growth versus the 0.3% drop forecasted, while the Goods Trade Balance came in at -15.6B versus the -14.9B forecasts. In addition, Industrial Production and Manufacturing Production came in worse than expected.
The rate continues to stay within the current range as the US Prelim UoM Consumer Sentiment came in better thane expected, at 64.6 points versus the 60.8 forecasts.
Technically, the GBP/USD pair maintains a bullish bias as long as it stays above the 1.2111 static support. 1.2241 stands as a static resistance while the 150% Fibonacci line represents a dynamic obstacle.
Still, staying near these upside obstacles may signal an imminent breakout and further growth. The current sideways movement could represent an accumulation.
Jumping and closing above 1.2241 opens the door for an upside continuation. This scenario brings new buying opportunities.
Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.
If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.
Why does your IP address show your location as the USA?
Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaTrade anyway.
We are sorry for any inconvenience caused by this message.
