Cable remains in intraday impulse after UK CPI data
May 23, 2024


Yesterday, the UK CPI figures indicated a cooling of inflation, but not as much as expected, so potential June cuts are moving to September, which led to a rise in the pound versus the US dollar, reaching up to 1.2760 before the bear pulled it back to the lower side of the intraday range. However, observing the price action from May lows, we see an ongoing impulse with solid support at 1.2680 to 1.27. The deeper support for the current wave four is at 1.2640. Regarding any bearish outlooks, I would definitely need to see 1.2542 broken, as we know that wave four must not fall into the territory of a wave one.

Cable remains in intraday impulse after UK CPI data GBPUSD 1H Chart

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