GBP/USD jumps from 1.27 key support as inflation comes out at 8.7%, worse than expected

Gregor Horvat Wavetraders

Just out now, the inflation in UK is still higher, even came out worse than expected at 8.7%. UK is at the top of the G20 list, so it appears that BoE will have to remain very hawkish compared to other CB. Looking at the Elliott wave price action, the pair held key support around 1.27 from where current price reaction and inflation suggest that cable has room for more upside, ideally into wave five by the end of the week, towards 1.29.

source: tradingeconomics

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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