2023-08-15 • Updated
UK basic wages have experienced a record growth rate, prompting concerns for the Bank of England (BoE) over persistent inflation pressures despite 14 consecutive interest rate hikes. While the unemployment rate unexpectedly rose to 4.2%, basic earnings increased by 7.8%, the highest in records from 2001. Annual pay growth, including bonuses, accelerated to 8.2%, the fastest outside the pandemic period. Economists predicted smaller pay increases. This situation has implications for BoE rate changes, with rising bond yields and speculation about further hikes, even though BoE Governor Andrew Bailey has hinted at a pause.
GBPJPY is trading within a wedge pattern, with its most recent reaction coming from the trendline support of the wedge pattern. Considering this, I am more inclined to favor the bullish movement while we wait for the price to reach the supply zone on the weekly timeframe. This kind of scenario is what I refer to as a ‘buy-to-sell setup.’
Analyst’s Expectations:
Direction: Bearish
Target: 174.671
Invalidation: 188.685
GBPNZD is still within the supply zone and possibly headed for the trendline resistance up top. If this were to play out, we could expect GBPNZD to be bullish while we wait for a clear reaction from the trendline resistance as a signal for the commencement of the selling scenario.
Analyst’s Expectations:
Direction: Bearish
Target: 1.87287
Invalidation: 2.14312
As indicated by the horizontal lines, the weekly pivot is a crucial area for the price. Considering the presence of a trendline resistance within the pivot zone, we can expect an increase in the likelihood of a reaction from the zone. In this scenario, though, as previously discussed, we must wait for a clear indication of a bearish on-set.
Analyst’s Expectations:
Direction: Bearish
Target: 1.89198
Invalidation: 1.97818
The trading of CFDs comes at a risk. Thus, to succeed, you have to manage risks properly. To avoid costly mistakes while you look to trade these opportunities, be sure to do your due diligence and manage your risk appropriately.
You can access more of such trade ideas and prompt market updates on the telegram channel.
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Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
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Don’t waste your time – keep track of how NFP affects the US dollar and profit!
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