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Good day, dear traders! I present to your attention, the analysis of the GBP/USD pair.
According to our recommendations from February 17: https://www.instaforex.org/ru/forex_analysis/245275 and review from February 18: https://www.instaforex.org/ru/forex_analysis/245378, we suggested taking long positions on the GBP/USD pair, due to the good data regarding the update on the number of applications for unemployment benefits:
After the publication of the news, the pound grew very well
However, during the American session, it returned to the level of 1.3.
Meanwhile, UK inflation (CPI) will be released today at 10:30 London time:
Analysts forecast an increase of 0.3, which is quite a lot. If the data comes out as such (or higher than expected), then the GBP/USD pair can work out a long scenario for a breakout of 1.3070:
However, if the inflation data comes out as weak, the pair is likely to break through yesterday's low, and cancel the long scenario for today. In any case, even at the current prices, the risk/profit ratio is 1 to 4.
Good luck in trading and control your risks!
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