U.K. inflation rose to 11.1 percent from a year ago while this result increases the chances the Bank of England will raise interest rates again next month.
From a technical perspective, there could be room for a bullish extension towards 1.2060 but sterling bulls should be careful since the pound remains slightly overbought. The current support area is seen at around 1.17.
Our trading ideas for today 17/11/22:
Long @ 1.0410
Short @ 1.0340
Long @ 1.1925
Short @ 1.1885
Long @ 14340
Short @ 14290
Settings for all trades today: Entries from 8:00 am UTC, SL 25
Disclaimer: All trading ideas and expressions of opinion made in the articles are the personal opinion and assumption of MaiMarFX traders. They are not meant to be a solicitation or recommendation to buy or sell a specific financial instrument.
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