GBPUSD Forex Signal: Strong Bullish Reversal from Low
I wrote in my previous forecast on Monday last week that the price was trading at a near 2.5-year low and showing very strong bearish momentum. I noted that bears might find obstacles from the lower trend line of the descendingI was correct, eventually, about both – the price rejected the lower trend line and then rose to make a strong up day. Then some days later, the price tested the 37-year low at $1.
This more bullish picture has been supported by a weakening US Dollar. However, we will get a release of very crucial US CPI data today, which could dramatically change sentimentIf the US CPI release later today is no surprise, I will look for a long trade from either $1.1649, or even better, from the support level at $1.
Concerning the USD, there will be a release of CPI data at 1:30pm London time. There is nothing of high importance due today regarding the GBP.
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