{"id":73165,"date":"2024-11-20T16:43:34","date_gmt":"2024-11-20T05:43:34","guid":{"rendered":"https:\/\/www.icmarkets.com\/blog\/?p=73165"},"modified":"2024-11-20T16:43:35","modified_gmt":"2024-11-20T05:43:35","slug":"trade-cable-on-the-uk-cpi-data","status":"publish","type":"post","link":"https:\/\/www.icmarkets.com\/blog\/trade-cable-on-the-uk-cpi-data\/","title":{"rendered":"Trade Cable on the UK CPI Data"},"content":{"rendered":"\n<p>Sterling traders are gearing up for a busy session ahead, following a period of consolidation and relatively tight ranges over the past couple of days. Cable remains near recent lows, and while the overall movement of the dollar is likely to have a greater impact on the next breakout in Cable, tonight\u2019s CPI numbers could prompt significant moves. Any result weaker than the expected 2.2% year-on-year print could lead to a swift challenge of the recent multi-month lows. Conversely, a stronger number might ease expectations of a Bank of England rate cut and trigger a pound rally.<\/p>\n\n\n\n<p>Cable is currently trading just above these recent lows, with traders fading rallies over the past few sessions. However, a stronger CPI print could drive it higher toward the 200-day moving average at 1.2748 and possibly further to the trendline resistance near 1.2900. On the other hand, a reading below 2% (last month\u2019s figure was 1.7%) might push it lower, with a clean break of 1.2600 opening the door to a deeper correction.<\/p>\n\n\n\n<p><strong>Resistance Levels:<\/strong><\/p>\n\n\n\n<ul>\n<li>Resistance 2: 1.2902 \u2013 Trendline Resistance<\/li>\n\n\n\n<li>Resistance 1: 1.2748 \u2013 200-Day Moving Average<\/li>\n<\/ul>\n\n\n\n<p><strong>Support Levels:<\/strong><\/p>\n\n\n\n<ul>\n<li>Support 1: 1.2594 \u2013 November Low and Trendline Support<\/li>\n\n\n\n<li>Support 2: 1.2296 \u2013 2024 Low<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/icmarkets.com\/au\/blog\/wp-content\/uploads\/2024\/11\/Cable-Hourly-2-1.png\"><img decoding=\"async\" src=\"https:\/\/icmarkets.com\/au\/blog\/wp-content\/uploads\/2024\/11\/Cable-Hourly-2-1.png\" alt=\"\" class=\"wp-image-69113\"\/><\/a><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Sterling traders are gearing up for a busy session ahead, following [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":73166,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[462],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/73165"}],"collection":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/comments?post=73165"}],"version-history":[{"count":1,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/73165\/revisions"}],"predecessor-version":[{"id":73167,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/73165\/revisions\/73167"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/media\/73166"}],"wp:attachment":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/media?parent=73165"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/categories?post=73165"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/tags?post=73165"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}