The GBPUSD pair settled below the bullish channel’s support line, seeing that stochastic loses its positive momentum clearly, which support the chances of resuming the expected bearish trend for the upcoming period, which targets 1.3800 mainly.
The Cable pair fell to 1.3885 as mixed UK inflation, bouncing from such a low amid a better market mood weighing on the greenback. Nevertheless, the pair is ending the day unchanged in the 1.3930 price zone. The annual Consumer Price Index in the UK printed at 0.7% YoY in March, better than the previous 0.4% but missing the expected 0.8%. The core reading met the market’s forecast resulting in 1.1%. The UK will not publish relevant macroeconomic data on Thursday.
Therefore, we will keep our bearish overview unless the price rallied to breach 1.3980 and hold above it.
The expected trading range for today is between 1.3850 support and 1.4000 resistance. We remain bearish.
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