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The Pound is Consolidating Near 1.150

9/15/2022 12:27 PM

The British pound is trading in different directions, consolidating near 1.1500. The day before, the GBP/USD pair attempted corrective growth, but the "bulls" managed to demonstrate only limited dynamics against the backdrop of increasing demand for the "safe" dollar and the publication of August statistics on consumer inflation in the UK.

Thus, the Consumer Price Index in annual terms in August retreated from its record highs at the level of 10.1% to 9.9%, while analysts expected further growth to 10.2%, and in monthly terms, its pace slowed down from 0.6% to 0.5%. The non-seasonally adjusted Core Producer Price Index fell from 14.4% to 13.7% on an annualized basis in the same period, while the forecast was at 13.9%, and on a monthly basis the same indicator adjusted from 0.8% to 0.3%.

The focus of investors today will be statistics from the US on the dynamics of Retail Sales in August. Forecasts suggest a further slowdown in the indicator dynamics against the backdrop of a reduction in Household Spending on non-essential goods. In the UK, Retail Sales data will be released on Friday.

Bollinger Bands in D1 chart demonstrate a moderate decrease. The price range is narrowing, reflecting ambiguous dynamics of trading in the short term. MACD is growing preserving a weak buy signal (located above the signal line). Stochastic keeps a confident downward direction approaching its lows and indicating the risks of oversold GBP in the ultra-short term.

Resistance levels: 1.1531, 1.1600, 1.1647, 1.1700. | Support levels: 1.1442, 1.1404, 1.1350.

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