GBP/USD Outlook (20 January 2022)
Overall, GBP/USD is trending upwards. Recently, GBP/USD traded into the support zone of 1.36000.
The UK CPI y/y data (Actual: 5.4%, Forecast: 5.2%, Previous: 5.1%) released yesterday indicated that prices in the UK hit the highest level since March 1992, a 30-year high level driven mainly by higher energy prices and supply chain disruptions.
During his testimony yesterday, Bank of England Governor Bailey highlighted that there are evidence of a second round of inflation effects.
Currently, GBP/USD is testing the support zone of 1.36000 and the next resistance zone is at 1.38000.
Look for short-term buying opportunities of GBP/USD if it rejects the support zone of 1.36000.
The UK CPI y/y data (Actual: 5.4%, Forecast: 5.2%, Previous: 5.1%) released yesterday indicated that prices in the UK hit the highest level since March 1992, a 30-year high level driven mainly by higher energy prices and supply chain disruptions.
During his testimony yesterday, Bank of England Governor Bailey highlighted that there are evidence of a second round of inflation effects.
Currently, GBP/USD is testing the support zone of 1.36000 and the next resistance zone is at 1.38000.
Look for short-term buying opportunities of GBP/USD if it rejects the support zone of 1.36000.