Solid News

In Anticipation of British Statistics on Inflation

11/16/2022 12:07 PM

The GBP/USD pair shows an upward correction, trading around 1.1858, supported by macroeconomic data from the labor market.

According to the report for September, the UK unemployment rate increased to 3.6% from 3.5% earlier, resulting in a loss of 52.0K jobs, more than the forecasted decrease of 25.0K, which, however, was offset by the dynamics of the average level of wages, which, excluding bonuses, rose by 5.7%, which is better than the positive dynamics of 5.5% a month earlier, and taking into account bonuses – by 6.0%, higher than the preliminary estimates of experts at 5.9%. Inflation statistics will be released today, and analysts expect the consumer price index to reach 10.7% from 10.1% last month, continuing global growth.

The US dollar declines, trading at 106.500 in the USD Index on the back of the producer price index, which rose 0.2% in October instead of an estimated 0.4% gain. Retail sales data are expected to be published today, and given the positive forecasts, which suggest a possible increase in the indicator by 1.0% instead of last month's zero change, the dollar may receive local support.

The trading instrument moves within the local ascending channel on the daily chart, approaching the resistance line.

Technical indicators reinforce the buy signal: the range of fluctuations of the EMA on the Alligator indicator expands and is directed upwards, and the histogram of the AO oscillator forms upward bars in the buy zone.

Resistance levels: 1.1990, 1.2250. | Support levels: 1.1730, 1.1360.

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