GBP/USD Outlook (22 October 2020)
Overall, GBP/USD is trending upwards. Recently, GBP/USD trended higher, breaking above the resistance zone of 1.30400 after the UK released an official statement indicating that they agree to continue Brexit trade talks with the EU.
The UK CPI y/y data (Actual: 0.5%, Forecast: 0.5%, Previous: 0.2%) released yesterday indicated a higher than forecasted increase in annual inflation for September.
Bank of England Governor Bailey will be speaking later at 1725 (SGT). During this time, there may be volatility in GBP.
GBP/USD’s next support zone is at 1.30400 and the next resistance zone is at 1.32200.
Look for buying opportunities of GBP/USD.
The UK CPI y/y data (Actual: 0.5%, Forecast: 0.5%, Previous: 0.2%) released yesterday indicated a higher than forecasted increase in annual inflation for September.
Bank of England Governor Bailey will be speaking later at 1725 (SGT). During this time, there may be volatility in GBP.
GBP/USD’s next support zone is at 1.30400 and the next resistance zone is at 1.32200.
Look for buying opportunities of GBP/USD.