GBP/USD Outlook (15 July 2021)

#OPINIONLEADER#

ByJin Dao Tai

 JUL 15, 2021

Overall, GBP/USD is ranging across. Recently, GBP/USD bounced down from the key level of 1.39.

The UK CPI y/y data released yesterday indicated a higher-than-expected increase in annual inflation.

• CPI y/y (Actual: 2.5%, Forecast: 2.2%, Previous: 2.1%)
• Core CPI y/y (Actual: 2.3%, Forecast: 2.0%, Previous: 2.0%)

The UK employment data will be released later at 1400 (GMT+8).

• Average Earnings Index 3m/y (Forecast: 7.1%, Previous: 5.6%)
• Claimant Count Change (Forecast: -32.5K, Previous: -92.6K)
• Unemployment Rate (Forecast: 4.7%, Previous: 4.7%)

Bank of England committee member Saunders will be speaking later at 1800 (GMT+8). During this time, there may be volatility in GBP.

Currently, GBP/USD is moving towards the support zone of 1.38000 and the next resistance zone is at 1.40000.

Look for short-term buying opportunities of GBP/USD if it bounces off the support zone of 1.38000.