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UK Inflation Comes In Hot, GBPUSD Fades?
Welcome to Mid-Week Trade! Compared to the rest of March, Wednesday was a quiet session. Stocks finished slightly in the green, energies were relatively stable, and the US dollar held firm. The big story was gold revisiting the $4500 level and silver briefly touching 75.000.
On the economic calendar, there were a few events worthy of note. During the early London session, UK CPI came in at 0.4% for February, in line with expectations but well above the previous release (-0.5%). US 30-year mortgage rates continued to rise, ticking higher to 6.43%, a weekly gain of 0.13%. EIA crude oil inventories also hit the newswires, posting a 6.926 million barrel week-over-week build. Rising UK CPI should have led to a rally in the GBPUSD. It didn’t; the Cable fell by -0.34% on the session as the Greenback continues to rule the Iran War forex dynamic. Here’s a demand zone worth watching in the GBPUSD:
Monthly 62% Retracement, 1.3338
13-Month EMA, 1.3302
Although the technical zone between 1.3338 and 1.3302 has been aggressively defended this month, it has held up as viable support. Check out our Key Levels for more information on this Trade Idea.
That’s all for now. Be sure to join us Thursday at 1:00 PM EST (Switch Markets on YouTube) for our latest livestream. We’ll cover the hottest markets and the latest on the Iran War. See you there!
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