empty
 
 
22.03.2017 11:33 AM
Global macro overview for 22/03/2017

Global macro overview for 22/03/2017:

The U.K. Consumer Price Index rises to 2.3%, the highest level since 2013 and consumer prices rose 0.7% in February compared with consensus forecasts of a 0.5% gain. The underlying annual rate also increased to 2.0% from 1.6% previously and compared with expectations of a smaller advance to 1.8%. The biggest price pressure was noticed in food (0.3% increase), transport, housing and household services. In conclusion, after the clear increase in latest inflationary pressures, the global investors will tend to increase speculation that the Bank of England will move quicker than expected to an increase in interest rates. As we remember, at the last week BoE meeting, policymaker Forbes already called for an immediate increase in rates given inflation trends. So far the rest of the policymakers are more hesitant and uncertain, but this might change very fast given the recent inflation data.

Let's now take a look at the GBP/USD technical picture at the H4 timeframe. The market is trading around the 78%Fibo at the level of 1.2471, but the overbought market conditions might suggest that a corrective move towards the next technical support at the level of 1.2437 is next. Moreover, the correction might even extend towards the golden trend line support around the level of 1.2400.

This image is no longer relevant

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback