Forex Analysis : 16 June 2021 - Lockdowns Continue to Weaken the Pound Sterling

Today's forex daily analysis on June 16, 2021, will highlight the price movement of the Pound Sterling against the US Dollar. The movement of the pound sterling weakened against the US Dollar, the impact of the strengthening of the US Dollar after the release of economic data. In addition, the weakening of the Pound Sterling occurred after the lockdown continued again in the UK, even though previously the British Prime Minister had planned to lift or relax the lockdown in mid-June. The movement of the Pound Sterling is expected to still weaken against the US Dollar in today's Asian session trading. This is because it still seems to be strengthening the US Dollar. However, market participants are still waiting or waiting and seeing important data in the early hours of the morning starting at 01:00 WIB, namely the FOMC meeting. The US dollar strengthened against several other major currencies in market trading on Tuesday. The US dollar strengthened against several other major currencies in market trading on Tuesday. The strengthening of the US dollar was supported by good economic data released. These data are inflation data (PPI) as well as Retail Sales and Core Retail Sales data that are released in various ways. Inflation has increased to 0.8% from the forecast of only 0.5% and the previous period was 0.6%. As for the Retail Sales and Core Retail Sales data released in the release, it was not good, where Retail Sales in the release of -1.3% declined more than the prediction at the level of -0.6% and in the previous period of 0.9%. As for Core Retail Sales in the release, it also experienced a setback, this data in the release declined by -0.7% while the prediction was at the level of 0.4% and the previous period was 0.0%.

Forex Daily Analysis Prediction June 16, 2021

Today's FOREX prediction on the GBPUSD pair is expected to strengthen/rise and the recommended OP (Open Position) is SELL at the level of 1.40700. With a Target Profit (TP) of 10 - 20 points and a Stop loss (SL) of 5 - 10 points. This the daily forex analysis of June 16, 2021 which discussed the resumption of lockdowns in the UK, has weakened the Pound Sterling against the US Dollar. Keep Money Management and Risk Management first in your trading. Visit GIC Indonesia to get information about the world of trading. You can also join us in the GIC Trade Telegram Community and GIC Trade Telegram Channel. Don't forget to check out the GIC Indonesia Youtube account which is full of a lot of information, and follow our Instagram account to get information about various interesting webinars that you can participate in.