Dollar strength and a weakening pound. Waiting for a slight move up to 1.18512 before we take any new short positions. 200 pip TP from the entry with a very tight SL adjusted on Wednesday closer to the inflation data release.
Macro Data:
UK inflation is expected to rise from 10.1% to 10.8% -11%. Core CPI data is expected to remain neutral and UK unemployment is set to become higher with more businesses laying off staff to cope with the cost of living. All these indicate a weaker pound is to form, most have been priced in, but we still have some retail room to make a profit on release.
Macro Data:
UK inflation is expected to rise from 10.1% to 10.8% -11%. Core CPI data is expected to remain neutral and UK unemployment is set to become higher with more businesses laying off staff to cope with the cost of living. All these indicate a weaker pound is to form, most have been priced in, but we still have some retail room to make a profit on release.