Today US inflation data was published. That was one of the last important macro reading before next week FED meeting. As federal reserve expected, inflation increased more rapidly than forecasted. The time of FOMC meeting is approaching and it may cause big volatility because nobody knows what will be the markets reaction on first rate hike.
At GBPUSD (H1) today demand broke above resistance at 1.5190 level and approached next resistance at 1.5240. What’s interesting, this month’s upward movement took the form of simple ABCD correction and price already reached D point, where AB=CD.
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Wider view, time-frame D1
GBPUSD continues rebound that started on December 2nd. Nearest resistance is 1.5240 level (blue line at chart D1). Stronger resistance (monthly high) is at 1.5330 level (red dotted line at chart H1).
