It is time to look for long trades, but the problem is that there is a very important US economic data release today in the form of inflation (CPI) data. Get our $GBP signal here:
I wrote two weeks ago that the support level at $1.3376 looked likely to be the day’s pivotal point. This was a good call in the sense that while the level did not hold or break very precisely, once the level was broken to the upside, the price continued to rise in bullish swings and has been doing so ever since.
, causing the US Dollar, which had already been weakening, to begin selling off more firmly. As for the British Pound, it has been strong for several days, and we see that technically with a clear sequence of higher lows and higher highs being made in this currency pair.
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