Pound Turns South After UK CPI Figures
GBP/USD
-0.20%
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UK CPI figures caused a massive reversal on the GBP/USD, as finally, inflation in UK can be cooling down as well, but still, its much higher compared to other countries. Looking at the updated charts, a drop was pretty strong yesterday, and because the pair finished day at the lows, there is a chance that prices can be headed even lower and deeper, possibly into wave A which can still belong to a correction, but higher degree wave 4. A rise from here and back to 1.3049 would be important evidence that bulls are already back.
