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GBP drops After UK Inflation is low
GBP drops After UK Inflation is low – Talking Points by FxPremiere Group
– GBP/USD turns bad after UK inflation data misses expectation.
– Brexit GBP effect begins to fall out of inflation calculations
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UK inflation fell in June from May, easing the pressure on Bank of England governor Mark Carney to raise rates. CPI y/y fell to 2.6% in June from 2.6%, while CPIH – the reading including occupiers housing costs – fell to 2.5% from 2.9%, the first fall in the CPIH inflation rate since April 2016, although it remains higher than in recent years.
GBPUSD earlier traded as high as 1.31264, the highest level since September 2016, but fell before and after the release as the pressure on the Bank of England to tighten monetary policy fades. GBPUSD started to turn lower around 30 minute chart.
Silver Price Weakness of Resistance
- Silver price at confluence
- Good risk/reward levels
- Targeting 2003 trend-line under 14
First-off, the recent low at 15.13 could provide support, but our interest lies at the 2003 trend-line we’ve been discussing recently. At 13 years and counting, it’s a big-time trend-line. If we see silver decline and test this long-term form of support it is unlikely the price action will be anything but clean on a daily basis. Should we see a move develop to the trend-line we’ll dial back to weekly time-frame to determine whether it is holding or not.
All-in-all, silver is at an attractive spot to look for weakness to renew towards what could be a major long-term inflection point.