{"id":46676,"date":"2023-06-19T05:29:00","date_gmt":"2023-06-19T04:29:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=46676"},"modified":"2023-06-19T09:41:28","modified_gmt":"2023-06-19T08:41:28","slug":"gbpusd-technical-analysis-1-3000-wave-ahead","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/gbpusd-technical-analysis-1-3000-wave-ahead\/","title":{"rendered":"GBPUSD Technical Analysis – 1.3000 Wave ahead"},"content":{"rendered":"\t\t
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The British pound currency has continued to hold above the 1.2800 level against the US dollar at the start of the trading week as the UK economy has a series of important events this week.<\/p>

Firstly, the UK releases CPI numbers on Tuesday. Expectations are for headline Year on Year inflation in the UK to fall to 8.5% from 8.7% with the core rate seen ticking lower to 6.7% from 6.8%.<\/p>

The prior report saw a decline in headline inflation to 8.7% from 10.1%. Should we inflation dropping as expected then we could well see sterling retreat somewhat.<\/p>

Then we have the BoE Rate decision. Most economists expect the BoE to raise rates by another 25 basis points, taking the Base Rate to 4.75%. This highest in well over a decade.<\/p>

Markets are largely pricing in a 25-basis point hike. It is largely priced into sterling. There is a small chance of a 50 basis points move.\u00a0It seems unlikely given the fragility of the UK housing market.<\/p>

Despite GBPUSD<\/a> trading at 1.2800, Elliot wave analysis also show that a final correction may have happened and the GBPUSD pair is in the stages of a WXY play, with the final Y wave to create new highs towards 1.3000.<\/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 78% of traders are currently bearish and it should be noted that this current sentiment reading is highlighting that sterling still has much scope to trade even higher.<\/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 uptrend is happening after the price moved above the 1.2600 level, with the GBPUSD pair possible targeting 1.3000.<\/p>

According to technical analysis, MACD divergence may cause a minor correction, with the overall size of the divergence extending down towards the 1.2750 level.<\/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 has undergone a classic Elliot wave correction, with a 1,2,3,4,5 wave higher, and ABC correction done.<\/p>

The WXY sequence is now playing out, we can see a ramp towards the 1.3000 level, following this worrying drop towards 1.2300. Watch out for a big ramp higher if 1.3300 if we crack 1.3000 this month.<\/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 hold above the 1.2800 level against the US dollar at the start of the trading week as the UK economy has a series of important events this week. Firstly, the UK releases CPI numbers on Tuesday. Expectations are for headline Year on Year inflation in the UK to […]<\/p>\n","protected":false},"author":4,"featured_media":41066,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[56,20,567,653],"yoast_head":"\nGBPUSD Technical Analysis - 1.3000 Wave ahead - 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-1-3000-wave-ahead\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GBPUSD Technical Analysis - 1.3000 Wave ahead GBPUSD Technical Analysis - 1.3000 Wave ahead\" \/>\n<meta property=\"og:description\" content=\"The British pound currency has continued to hold above the 1.2800 level against the US dollar at the start of the trading week as the UK economy has a series of important events this week.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/youtrading.com\/en\/gbpusd-technical-analysis-1-3000-wave-ahead\/\" \/>\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=\"2023-06-19T04:29:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-19T08:41:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2023\/01\/GettyImages-472298624.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"826\" \/>\n\t<meta property=\"og:image:height\" content=\"418\" \/>\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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