By Forex Signs, Inc.<\/p>\n
GBPUSD continues to make an upward trend within the bullish channel, with price consolidating between immediate support level 1.5738 and immediate resistance level 1.5770. Buy bias remains at the medium term as price is now testing the immediate resistance. A break above the immediate resistance going to 1.5819 may continue its bullish trend. If price breaks below immediate support and breaches the bottom line of the bullish channel, a bearish correction may occur. If price breaks above 1.5819 and would test yesterday’s resistance level 1.5909, a bullish trend is confirmed. If price continues to fall testing the next support level 1.5716, it may endanger the buy bias. RSI (14) in the medium term shows price is still within the neutral zone, suggesting that the current bullish trend may continue.<\/p>\n
Rising US Consumer Prices May Help US Rally Against Other Majors<\/p>\n
For the upcoming American session, a rising Consumer Price Index is expected to help the dollar strengthen as economists predict an increase of 0.2% figure for the month of November. In the upcoming session’s November PPI report, the index for finished consumer foods prices advanced 1%, after falling 0.1% in September. The report also revealed a rise of 2.1% in the price of finished energy goods, with higher gasoline prices leading the advance, rising 4.7% while home heating oil prices rose 7%. Excluding energy, November’s PPI would have gained 0.4%, reversing last month’s 0.4% decline. The increase in CPI would likely complete the Fed’s $600B bond purchase program, despite last week’s extension of the Bush-era tax cut measure. The closely watched core CPI rate, which strips out volatile food and energy prices, is also expected to go up 0.1% in November after being flat for three consecutive months. The anticipated gain is mostly due to rounding effects.<\/p>\n
Overall these indicators should provide some movement for the greenback. The inflation report will probably not provoke much interest in financial markets, but confirmation that prices remain stable could be a boost for U.S. after a huge sell-off last week on fears the tax deal would further inflate an already wide budget deficit.<\/p>\n
Forex Signs, Inc., Founded in 2006 in Wall Street, New York City, FSI relentlessly strives to be the premier Forex brokerage company in the industry by providing exclusive and unmatched trading and investment related services while constantly developing innovative solutions that cater to the vast requirements of both individual and institutional market participants.<\/p>\n","protected":false},"excerpt":{"rendered":"
For the upcoming American session, a rising Consumer Price Index is expected to help the dollar strengthen as economists predict an increase of 0.2% figure for the month of November. In the upcoming session’s November PPI report, the index for finished consumer foods prices advanced 1%, after falling 0.1% in September.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-16888","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/16888","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=16888"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/16888\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=16888"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=16888"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=16888"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}