Market participants who follow the dynamics of the pound and the GBP/USD pair will be waiting for the publication on Wednesday (at 07:00 GMT) of consumer price indices. In the previous reporting month (in January), the growth in consumer inflation amounted to +5.5% (in annual terms). The data suggests growing inflationary pressures, which is likely to support the pound. A reading of the indicator below the forecast/previous value could provoke a weakening of the pound, as low inflation will force the Bank of England to maintain an easy monetary policy.
Forecast for February: +0.6% (+5.9% in annual terms).
At the time of publication of this article, the GBP/USD pair is trading near the 1.3040 mark, remaining in the bear market zone below the key resistance levels of 1.3390, 1.3515. In our main scenario, short positions remain preferable. The signal for their resumption will be a breakdown of support levels 1.3141, 1.3110.
Support levels: 1.3141, 1.3110, 1.3000, 1.2950, 1.2865, 1.2685, 1.2400, 1.2250, 1.2085, 1.2000
Resistance levels: 1.3160 1.3210 1.3275 1.3308 1.3365 1.3390 1.3430 1.3515 1.3580 1.3640 1.3700 1.3745 1.3832 1.3900 1.3970
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