{"id":67096,"date":"2024-07-17T17:15:58","date_gmt":"2024-07-17T07:15:58","guid":{"rendered":"https:\/\/icmarkets.com.au\/blog\/?p=67096"},"modified":"2024-07-17T17:15:59","modified_gmt":"2024-07-17T07:15:59","slug":"trade-cable-on-the-uk-inflation-data","status":"publish","type":"post","link":"https:\/\/www.icmarkets.com.au\/blog\/trade-cable-on-the-uk-inflation-data\/","title":{"rendered":"Trade Cable on the UK Inflation Data"},"content":{"rendered":"\n<p>Sterling traders are closely watching today\u2019s key CPI data release later today with the currency pair sitting close to key technical resistance. The headline year-on-year number is expected to show a 0.1% decrease to come in at 1.9% and therefore under the 2% target level which could push forward hopes for rate cuts from the Bank of England, with the next meeting due on the 1<sup>st<\/sup>&nbsp;August. Cable is sitting just under trendline resistance on the hourly charts and the key psychological level at 1.3000 and a higher-than-expected print could see a move higher and a continuation of the recent trend.<\/p>\n\n\n\n<p>A result significantly below that expected 1.9% print and lower that the 3.4% Core CPI number would see the pound drop back into recent ranges against the dollar and shake out some of the long positions in the market. Short-term trendline support is coming in around the 1.2930 level with the 200-Day Moving Average below that at 1.2878.<\/p>\n\n\n\n<p><strong>Resistance 2<\/strong>&nbsp;: 1.3125 \u2013 2023 High<\/p>\n\n\n\n<p><strong>Resistance 1<\/strong>&nbsp;: 1.3000 \u2013 Trendline Resistance and Key Psych Level<\/p>\n\n\n\n<p><strong>Support 1<\/strong>&nbsp;: 1.2930 \u2013 Trendline Support<\/p>\n\n\n\n<p><strong>Support 2<\/strong>\u00a0: 1.2878 \u2013 200 Day Moving Average<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/icmarkets.com.au\/blog\/wp-content\/uploads\/2024\/07\/Cable-Hourly-4.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1053\" height=\"597\" src=\"https:\/\/icmarkets.com.au\/blog\/wp-content\/uploads\/2024\/07\/Cable-Hourly-4.png\" alt=\"\" class=\"wp-image-67097\"\/><\/a><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Sterling traders are closely watching today\u2019s key CPI data release later [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":67098,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[462],"tags":[],"class_list":["post-67096","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-news"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/posts\/67096","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/comments?post=67096"}],"version-history":[{"count":1,"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/posts\/67096\/revisions"}],"predecessor-version":[{"id":67099,"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/posts\/67096\/revisions\/67099"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/media\/67098"}],"wp:attachment":[{"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/media?parent=67096"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/categories?post=67096"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/tags?post=67096"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}