GBP/USD Price Analysis: Testing strong resistance area, bears waiting to fade
GBP/USD has reached a key level of resistance structure. The distribution perceived as the next thing to come from GBP could lead to a 4HR swing trading opportunity. The price action has been monitored since the following article was published: GBP/USD Price Analysis: Bears lurking at weekly and daily resistances, as expected, as evidently illustrated below in the previous charts, cable was expected to climb to test the resistance.
GBP/USD Forecast: Brexit brought relief to Pound bulls
The GBP/USD pair neared the 1.3000 figure, soaring on reports the UK offered tentative concessions on fisheries in trade talks with the EU, one of the main issues blocking negotiations in the last months. The market ignored UK mixed inflation-related data, although August annual CPI improved to 0.2%. The Producer Price index in the same period, however, fell 0.9%, while the Retail Price index increased 0.5% against the 0.6% expected and the previous 1.6%.
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