Tools for Traders Top Movers | Heat Map | Pivot Point | Pivot Meters | Action Bias | Volatility Charts Action Insight Daily Report: UK CPI Could Trigger Sterling Bulls and BoE Hawks Sterling remains the strongest one as markets is now preparing for inflation data from UK today. The progress in Brexit negotiation removed one key obstacle for BoE to hike again in May. And CPI data will be a key factor for MPC's consideration. Hence, any upside surprise would likely lead to further rally in the Pound. Yen trades broadly lower this week even though stock markets were generally in risk averse mode. But it should be noted that Yen was actually not that weak considering that it's staying well inside last week's range. And Dollar is not performing much better. In addition to economy data, G20 communique on trade will be watched today as trade war remains a concern of investors. Technical Outlook GBP/USD Daily Outlook Daily Pivots: (S1) 1.3927; (P) 1.4008; (R1) 1.4103; More.... At this point, intraday bias in GBP/USD remains on the upside as the rebound from 1.3711 is in progress. As noted before, current development affirms the case that correction from 1.4345 has completed at 1.3711 already. Break of 1.4144 should confirm this bullish view and target 1.4345 and above. The larger up trend from 1.1946 might be ready to resume. ON the downside, however, break of 1.3888 minor support will dampen this bullish view. Intraday bias would be turned back to the downside to extend the decline from 1.4345 through 1.3711 instead. Suggested Readings Crude Oil Price Moved Into Bullish Zone Above $61.50 Will GBP/USD Rise To Re-Test Highs On Brexit Transition Deal And BoE? Economic Data
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