bad CPI data = weak GBP ! @166.000
Great British Pound against Japanese Yen (gbjpy)
intro + fundamentals
The Office for National Statistics reported that the Oct Consumer Price Index - CPI rose by 1% from the 10.1% from the previous month.
This data came out higher than expected and is a sign that the Bank Of England - BOE will further raise borrowing costs as a measure to cool down the flaming hot inflation putting yet more bearish pressure on the quid.
technical
daily supply level of proximal price @ 166.000 is in control and is a very significant price level as it is also psychological round level of support and resistance.
price is also trading in a rising wedge, which is often considered a bearish chart pattern that points to a reversal after a bull trend.
i have short orders at 166.000 , with targets at daily demand level of price @ 163.370 and SL @ 166.990 giving a risk : reward of 1:4.
supply and demand !!!!
put together by : Pako Phutietsile
presented by : currencynerd
courtesy of : TradingView
The Nobel Prize in economics belongs to Satoshi Nakamoto
intro + fundamentals
The Office for National Statistics reported that the Oct Consumer Price Index - CPI rose by 1% from the 10.1% from the previous month.
This data came out higher than expected and is a sign that the Bank Of England - BOE will further raise borrowing costs as a measure to cool down the flaming hot inflation putting yet more bearish pressure on the quid.
technical
daily supply level of proximal price @ 166.000 is in control and is a very significant price level as it is also psychological round level of support and resistance.
price is also trading in a rising wedge, which is often considered a bearish chart pattern that points to a reversal after a bull trend.
i have short orders at 166.000 , with targets at daily demand level of price @ 163.370 and SL @ 166.990 giving a risk : reward of 1:4.
supply and demand !!!!
put together by : Pako Phutietsile
presented by : currencynerd
courtesy of : TradingView
The Nobel Prize in economics belongs to Satoshi Nakamoto
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