Analisis Forex & Kajian: 13.01.2025 - GBP/USD: pound sterling in...

13.01.2025 02:29 PM

GBP/USD: pound sterling in distress ahead of crucial news

GBP/USD opens a new trading week on a bearish note. The GBP/USD pair began the week with a bearish tone, continuing its downward move without any corrective pullback and settling in a range around 1.21. The bears pushed the currency pair to a 15-month low of 1.2125. Given the clear-cut downtrend, the sellers are likely to break into and consolidate within the 1.20 range soon. Key reports this week may accelerate this process, and these include not only US inflation data but also high-impact macroeconomic reports from the UK that could influence GBP/USD dynamics.

Drivers of downtrend

The downtrend in GBP/USD is fueled by both the broad strength of the US dollar and the pound's weakness, driven by concerns over stagflation and fiscal issues in the UK. These concerns could deepen if the macroeconomic data reveals accelerating inflation in the UK and slower economic growth.

On Wednesday, January 15, key UK inflation data will be released. Most experts believe that the overall Consumer Price Index (CPI) for December will remain at the November level of 2.6% year-on-year. Importantly, the CPI fell to the Bank of England's target level of 1.7% in September but began rising again in October, reaching 2.3%. In November, the index climbed higher to 2.6%, the highest since March 2024. If December's CPI exceeds 2.6%, it would confirm an upward trend.

The Core CPI, excluding energy and food prices, is expected to slightly slow to 3.4% year-on-year after two months of growth. However, the Retail Price Index (RPI), often used by employers in wage discussions, may accelerate again. In October, it grew to 3.4%, jumping to 3.6% in November, and is forecasted to grow to 3.8% in December.

These inflation metrics align with the latest labor market report, which showed average earnings growth of 5.2%, up from 4.6% the previous month. This pro-inflationary indicator has risen for two consecutive months, hitting its highest level since May. Excluding bonuses, average earnings also increased by 5.2%, following a 4.9% rise the previous month.

UK GDP data

On Thursday, January 16, the UK will release its GDP growth data. November's GDP is expected to show a modest 0.2% month-on-month increase, following a 0.1% downtick in October. GDP is projected to remain flat on a quarterly basis.

Industrial production contracted by 0.6% in October, while November is expected to show an uptick of 0.1% month-on-month. However, manufacturing production is forecasted to shrink by 0.2%, continuing the 0.6% decline recorded in the previous month.

These forecasts paint a bleak picture for the pound sterling, with weak economic growth coupled with high inflation. If the data meets expectations, fears of stagflation in the UK will resurface, putting additional pressure on the British pound.

Impact of US data

The GBP/USD pair will also react to US reports, which are likely to trigger strong volatility. For instance, on Tuesday, January 14, the US Producer Price Index will be released, followed by the Consumer Price Index on Wednesday, January 15. If these reports show accelerating US inflation, the dollar will likely see increased demand, dragging down GBP/USD.

Technical outlook

Despite shedding over 500 points in recent weeks, the GBP/USD pair retains the potential for further decline. Corrective pullbacks should be viewed as opportunities to open short positions.

From a technical viewpoint, selling the instrument remains a clear priority. Upward corrections provide the bears with better entry points for short positions. On all higher timeframes (H1 and above), the currency pair is either near the lower Bollinger Bands line or between the middle and lower lines, signaling a bearish trend.

On the D1 and W1 timeframes, the Ichimoku indicator has formed a bearish Line Parade signal, with the price below all indicator lines, the Tenkan-sen and Kijun-sen cross, and the Kumo cloud. This setup reflects a bearish sentiment.

The nearest support level and the bearish target coninside with 1.2100 (the lower Bollinger Bands line on the 1-week chart). The next target is 1.2040 (the lower Bollinger Bands line on the 1-month chart).

Anda telah pun menyukai siaran hari ini

* Analisis pasaran yang disiarkan di sini adalah bertujuan untuk meningkatkan kesedaran anda, tetapi tidak untuk memberi arahan untuk membuat perdagangan.

Jika anda mempunyai sebarang soalan berkaitan kandungan, sila hubungi editorial-board@instaforex.com

Fundamental analysis

Irina Manzenko,
Pakar analisis InstaForex
© 2007-2025

Lebih banyak artikel daripada pengarang ini

Langganan E-mel

EURUSD

Euro vs US Dollar

Pilih carta masa

min

jam

hari

minggu

Mulakan dagangan

Jana pendapatan melalui perubahan kadar mata wang kripto dengan InstaForex.

Muat turun MetaTrader 4 dan buka dagangan pertama anda.

Artikel yang dicadangkan

DXY. Dolar Menyimpan Harapan untuk Pemulihan

AS dan UK Menandatangani Perjanjian Perdagangan

Adakah Semua Orang Sudah Kembali Mempercayai Trump?

Kesatuan Eropah Bersiap Sedia Mengenakan Tarif Baru Terhadap Amerika Syarikat

Gambaran keseluruhan EUR/USD – 9 Mei: Powell dan Rizab Persekutuan Tidak Mengubah Apa-Apa

Tinjauan GBP/USD – 9 Mei: Bank of England Terus Mengelirukan Para Pedagang

Bank of England Bimbang Terhadap Keadaan Ekonomi

Pengerusi Fed Kekal Teguh Seperti Besi

GBP/USD: Bank of England Turunkan Kadar Faedah, Trump Tandatangani Perjanjian Perdagangan dengan London

Dolar Bertindak Secara Merugikan Diri Sendiri

Analisis terbaik