NOV 18, 2021
- Consumer prices hit 10-year high in the UK
- Inverse Head and Shoulder pattern in GBP/USD (H4)
- Buying opportunity beyond 1.35 handle
Chart 1: GBP/USD H4 chart
Following the release of the strong UK jobs report, the Office for National Statistics (ONS) reported a 10-year high annual headline inflation level of 4.2% yesterday, surpassing the expectation of 3.9%. As a result, the market is now expecting the Bank of England to carry out its first hike in interest rate during the December’s meeting.
At the moment, GBP/USD has broken above the neckline of the completed Inverse Head and Shoulder pattern in response to the positive data releases from the ONS, indicating a buy signal. However, the rally in GBP/USD seems to have stagnated just before the 1.35 handle. And so as a security measure, we should look for a longer term buy on GBP/USD only if it breaches the 1.35 handle.
Trade Setup for GBP/USD (H4)
Buy Stop at 1.3530
Upcoming news that may impact price movement of GBP/USD
18 November – FOMC Member Williams speaking at 2230 (GMT+8)
19 November – FOMC Member Evans speaking at 0300 (GMT+8)
19 November – FOMC Member Daly speaking at 0430 (GMT+8)
19 November – UK Retail Sales m/m data release at 1500 (GMT+8)
19 November – Bank of England committee member Pill speaking at 2000 (GMT+8)
19 November – FOMC Member Waller speaking at 1145 (GMT+8)
20 November – FOMC Member Clarida speaking at 0115 (GMT+8)
23 November – UK Flash PMI data release at 1530 (GMT+8)
23 November – US Flash PMI data release at 2245 (GMT+8)
24 November – US Preliminary GDP q/q data release at 2130 (GMT+8)
23 November – US PCE Price Index m/m data release at 2300 (GMT+8)
25 November – U.S. FOMC monetary policy meeting minutes release at 1500 (GMT+8)
إخلاء المسؤولية: الآراء الواردة هنا تعبر فقط عن رأي الكاتب، ولا تمثل الموقف الرسمي لـ Followme. لا تتحمل Followme مسؤولية دقة أو اكتمال أو موثوقية المعلومات المُقدمة، ولا تتحمل مسؤولية أي إجراءات تُتخذ بناءً على المحتوى، ما لم يُنص على ذلك صراحةً كتابيًا.
