Technical Outlook

GBPUSD falls on softer than expected UK inflation data

Cable fell to new multi-month low (the lowest since May 26) early Tuesday, hit by softer than expected UK inflation readings in August. Annualized CPI dropped to 6.7% (the lowest since Feb 2022) from 6.8% in July and beating forecast for 7.0% increase, while core inflation (excluding volatile components) was down to 6.2% y/y in August, compared…
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EURUSD – recovery is losing traction

EURUSD is trading within a narrow range during European session on Tuesday, following strong rebound in past two days after larger bears were rejected at key support at 1.0635 (May 31 low). Technical picture remains increasingly bearish on daily chart (rising negative momentum / MA’s in full bearish setup) and warn that corrective action might…
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Bulls look for retest of 2023 peak

Bulls regained control and are on track to fully retrace a pullback sparked by comments of BoJ Governor Ueda about possible change in monetary policy. Positive impact on yen was short-lived as dollar remains well supported despite threats of Japan’s intervention. Firmly bullish daily techs underpin the action which looks for the fourth…
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