17 October 2024, GBP/USD
An event to look out for today:
15:30 GMT+3. USD - Retail Sales
GBPUSD:
The Pound-Dollar pair remains below the psychological 1.3000 mark during the Asian session on Thursday and is currently near its lowest level since August 20, reached the previous day. Meanwhile, the fundamental outlook, leans in favor of bearish traders and suggests that the path of least resistance for spot prices lies to the downside.
Data released on Wednesday showed that the UK's annual consumer price index (CPI) slowed from 2.2% in August to 1.7% last month, the lowest since April 2021.
In addition, the recent rally in the US Dollar (USD) to its highest level since early August confirms a negative near-term outlook for GBP/USD.
On Thursday, the US will release the monthly retail sales report, the usual weekly initial jobless claims, the Philadelphia Fed's business activity index and industrial production data. These data will stimulate demand for the dollar and create opportunities for short-term trading in the GBP/USD pair.
Trading recommendation: Trading mainly by Sell orders from the current price level.
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