FxGrow Daily Technical Analysis – 18th July, 2017
By FxGrow Research & Analysis Team
Sterling Inches Higher Ahead of Multi Inflation Figures
GBP/USD extended the bullish momentum today after a remarkable home run on Friday with 1.3113 2017 news highs. Yesterday, the pair made a correction plunging to 1.3046, resting daily RSI to 60 level, then rewarded losses clocking 1.3099 high ahead of major inflation data to be released today which could fuel GBP/USD for a newer high record in case of a positive UK CPI associated with previous hawkish speech by Carney, head of BOE.
Add to that, U.S Dollar continues digging lower with 94.49 2017 fresh low. Expectations of further tumbling for the U.S Index in the coming days as Reuters reported a setback yesterday for health care program and a major conflict among Republicans regarding the system.
UK Data, after a release, will be followed by Gov. Carney in the afternoon with expectation for a hawkish tone supporting Sterling sharp tone facing pace buck, but still UK CPI will set the tone for Carney.
Analysts at Nomura Securities the global financial services giant say the Bank of England will raise interest rates by ...
For more in depth Research & Analysis please visit FxGrow.
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.