GBPUSD short-term analysis – 17 January 2023
The average earnings index for the UK (3m/y) came in hotter than expected at 6.4% (6.2% forecast). This is higher than the previous print of 6.1%. Tomorrow sees the annual CPI release, and depending on the number, another 50bps hike on 2 February by the BoE remains a possibility, although the MPC is heavily divided.
Daily GBPUSD candlesticks are trading in the bullish channel, between the upper blue and red bands. The longer this is maintained, the greater the probability of higher cable prices. Hourly chart indicators are also bullish. The trend following EMAs and the momentum based stochastic have crossed up (black ellipses). Assuming the stochastic makes its way to the 80+ region and holds, GBPUSD will have an underlying bullish momentum.
Russell Shor
Senior Market Strategist
Russell Shor is a Senior Market Strategist at FXCM, having been promoted to the role in 2025 in recognition of his depth of insight and consistent delivery of high-impact market analysis. He originally joined FXCM in October 2017 as a Senior Market Specialist.
Russell holds an Honours Degree in Economics from the University of South Africa, is a certified FMVA®, and a full member of the Society of Technical Analysts (UK). With over 20 years of experience in financial markets, his work is renowned for its clarity, precision, and strategic value across asset classes.
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