UK Inflation Declines
Today, the latest UK Consumer Price Index (CPI) figures were released. According to ForexFactory:
- The actual annual CPI came in at 2.8%,
- Analysts had expected it to remain at the previous level of 3.0%.
As a result, the British pound weakened, and a slight spike in volatility was observed on the FTSE 100 stock index chart (UK 100 on FXOpen)
Technical Analysis of FTSE 100
In early March, bearish activity (indicated by an arrow) led to a break of the support level around 8757, which then acted as resistance.
However, as soon as bears pushed the price below the February low, bulls stepped in.
Currently, the UK stock index chart is forming a narrowing triangle, which can be interpreted as a sign of equilibrium between supply and demand. However, this pattern will eventually be broken.
It is possible that the release of significant newssuch as developments in international trade tariffscould disrupt the balance of supply and demand, triggering a trend movement for the FTSE 100 index (UK 100 on FXOpen).
Read more: https://fxopen.com/blog/en/oa-uk-inflation-declines/
Text source: Forex Trading Blog
