My previous GBP/USD signal on 29th November was not triggered, as there was no bearish price action when the resistance level which I had identified at $1.2022
November that the price was likely to fall to test $1.1940 which would hold and then we would see a continuation of bullish price movement. I was only half right – the price never got back to that level but took off that day to rise strongly to new highs. Currently the price is a few hundred pips higher than it was then.
We are seeing firm support levels forming below which is assisting the rise, but we also see selling pressure above from $1.2350 which has produced a descending trend line. The price chart below shows that these narrowing lows and highs have produced a bullish pennant, which is suggesting that the next major move could be a bullish breakout above $1.2300. Conditions will be ripe for that if the major US CPI data release due later today will show a drop to 7.3% as expected or even lower.
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