GBP/USD: Sterling nears 2018 lows ahead of April inflation data

Sterling is trading down 0.2% at around 1.3410 against the US Dollar on Wednesday ahead of the UK inflation that is expected to decelerate to 2.3% y/y in April confirming the dovish outlook of the Bank of England confirmed on Inflation Report hearing in the UK parliament on Tuesday.

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The US President Donald Trump said there was a “substantial chance” of a summit with North Korean leader Kim Jong Un will not take place as planned on June 12.

Trump soured the market optimism by plans to impose severe penalties on ZTE Corp amid trade talks with China just one day after Beijing’s announcement that it would cut import tariffs for automobiles and car parts.

The flash manufacturing and services PMIs headline the morning agenda in France, Germany and the Eurozone with activity in May seen little changed from April.

The UK inflation data are the headliner of the economic calendar in the UK with inflation expected to decelerate in April, confirming the expectations of the Bank of England laid out in May Inflation Report.

The FOMC meeting minutes are set to disclose details of discussion among policymakers in its last FOMC meeting.


 

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EUR/USD – Reward for Bears

GBP/USD may find support only at 1.3285, path of least resistance is down — Confluence Detector

USDCAD, Bullish & Buy 1.2817 Dip. Stop 1.2787, Wednesday

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Valeria Bednarik

Short-term bearish sentiment intensifies around the EUR/USD pair, but closer to a bottom

After the pause of the previous week, the dollar came back with a vengeance, reaching fresh yearly highs against the EUR, and multi-month ones against other rivals. The EUR/USD bottomed mid-week at 1.1763 with the greenback's rally fueled by soaring Treasury yields, which reached multi-year highs.



Yohay Elam

The GBP/USD is on the back foot on Inflation day in the UK. Where will it go from here?

The Technical Confluences Indicator shows that it will be easier for the pair to fall rather than rise. The pair faces some support around 1.3370 which is the convergence of the Fibonacci 161.8% one-day and the Pivot Point one-day Support 2.

However, really strong support awaits only at 1.3285. This is the meeting point of potent lines: the Bolinger Band one-day lower and the Pivot Point one-month Support 2.

On the topside, cable faces a cluster of resistance liens at 1.3446: the Fibonacci 61.8% one-day, the 4h High, the Bolinger Band one-hour Middle, the Simple Moving Average 100-15m, the SM 10-4h, and the SMA 5-4h. Further strong resistance is at 1.3494 which is the congestion of the Fibonacci 23.6% one-week, the one-day high, the SMA200-1h, the SMA 50-4h, the SMA 10-one day and more.

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