Hot forecast for GBP/USD on August 14, 2023
August 14, 2023 8:24 amVideo
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Not only did inflation in the United States rise stronger than forecasts, but the pace of producer price growth also accelerated from 0.2% to 0.8%. Whereas the producer price index was expected to rise from 0.1% to 0.7%. So, there’s also an upward revision of the previous data. Considering that producer prices largely serve as a leading indicator for inflation itself, it will continue to rise. This leaves the Federal Reserve with no choice but to continue raising interest rates. There’s no talk yet that the next hike will occur during the upcoming Federal Open Market Committee meeting in September. Everything is limited to speculation that the first rate cut will only happen in the second half of the next year. But even this was enough for the dollar to grow firm. The market has also responded to the latest data, and now a minor stagnation awaits due to the empty economic calendar.
The GBP/USD pair maintains a bearish mood, despite the recent stagnation. Keeping the price below the 1.2700 level suggests the possibility of extending the corrective cycle, although there is no such technical signal at this stage.
On the four-hour chart, the RSI indicator is moving in the lower area of 30/50, thus reflecting bearish sentiment among traders.
On the same time frame, the Alligator’s MAs are headed downwards. This signal indicates the possibility of extending the current correction.
Outlook
In order to increase the volume of short positions, the exchange rate should fall below the 1.2650 mark. In this case, there’s a high chance of extending the current corrective movement. Until then, we can’t rule out the possibility of forming a stagnation along the 1.2700 level.
The comprehensive indicator analysis in the short-term and intraday periods is focused on the current corrective phase.
The material has been provided by InstaForex Company – www.instaforex.com
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