{"id":44533,"date":"2023-04-20T06:41:00","date_gmt":"2023-04-20T05:41:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=44533"},"modified":"2023-04-20T11:38:12","modified_gmt":"2023-04-20T10:38:12","slug":"gbpusd-technical-analysis-still-headed-higher-2","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/gbpusd-technical-analysis-still-headed-higher-2\/","title":{"rendered":"GBPUSD Technical Analysis – Still headed higher"},"content":{"rendered":"\t\t
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The British pound currency has continued to old above the 1.2400 level against the US dollar after the UK inflation rate remained above 10%, which was above consensus.<\/p>

The consumer price inflation rate in the United Kingdom eased to 10.1% year-on-year in March 2023, down from 10.4% in February but more than market expectations of 9.8%.<\/p>

The rate remained above the 10% mark for a seventh consecutive period and the Bank of England’s 2% target for almost two years, suggesting policymakers might continue to raise borrowing costs.<\/p>

Meanwhile, inflation slowed for both transport (0.8% vs 2.9%) and restaurants and hotels (11.3% vs 12.1%). The core inflation rate, which excludes volatile items such as energy and food, was unchanged at 6.2% in March, not far from September’s record of 6.5%.<\/p>

Going forward, the Bank of England could continue to hike rates under these circumstances, which is likely to be further supportive for the British pound currency.<\/p>

Looking at sentiment data and how traders feel about sterling, the ActivTrader Market Sentiment tool shows that traders are growing more bearish despite the recent sharp price reversal.<\/p>

With 56% of traders currently bullish it should be noted that this current sentiment reading is highlighting that sterling still has much scope to trade even lower also.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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GBPUSD Short-term Technical Analysis<\/strong><\/p>

Looking at the four-hour time frame, a clear head and shoulders pattern has formed, with the break happening around the 1.2350 level.<\/p>

Therefore, the head and shoulders pattern are also close to being invalidated. According to the overall size of the pattern, I would expect that we could soon see a 400-point downside in GBPUSD<\/a> if sterling clears 1.2350 this week.<\/p>

If the pattern is invalidated, expect a rally towards the 1.2800 to 1.3000 area for sterling.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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GBPUSD Medium-term Technical Analysis<\/strong><\/p>

According to the daily time frame it shows that that GBPUSD pair is starting to settle above its 50-day and its 200-day moving average, which is located close to top of its medium-term range.<\/p>

According to the technical analysis the GBPUSD is bullish and is getting a buy signal from the Ichimoku indicator while the price trades above the 1.2350 area.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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The British pound currency has continued to old above the 1.2400 level against the US dollar after the UK inflation rate remained above 10%, which was above consensus. The consumer price inflation rate in the United Kingdom eased to 10.1% year-on-year in March 2023, down from 10.4% in February but more than market expectations of […]<\/p>\n","protected":false},"author":4,"featured_media":9456,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[20,653],"yoast_head":"\nGBPUSD Technical Analysis - Still headed higher - Youtrading UK<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/youtrading.com\/en\/gbpusd-technical-analysis-still-headed-higher-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GBPUSD Technical Analysis - Still headed higher GBPUSD Technical Analysis - Still headed higher\" \/>\n<meta property=\"og:description\" content=\"The British pound currency has continued to old above the 1.2400 level against the US dollar after the UK inflation rate remained above 10%, which was above consensus.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/youtrading.com\/en\/gbpusd-technical-analysis-still-headed-higher-2\/\" \/>\n<meta property=\"og:site_name\" content=\"Youtrading UK\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/YouTradingEnglish\/\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-20T05:41:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-20T10:38:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/06\/GettyImages-518150033.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"429\" \/>\n\t<meta property=\"og:image:height\" content=\"253\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nathan Batchelor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"GBPUSD Technical Analysis - 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