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17 Sep 2013
GBP/USD testing 1.5900 on softer UK CPI
FXstreet.com (Edinburgh) -The sterling is now losing the grip, dragging the GBP/USD to test the key support around the 1.5900 handle after a softer tone from the UK inflation figures.
GBP/USD weaker on data
The pair surrendered initial gains after climbing to the boundaries of 1.5940 after headline consumer prices in the British economy rose 2.7% on a yearly basis, banging on estimates. The Core print expanded 2.0% over the last twelve month, missing the median at 2.1% ann matching July’s reading. Producer prices also came in below expectations, rising 1.6% YoY vs. 1.8%. Next event risk for the pound will be tomorrow’s BoE minutes and Retail Sales on Thursday.
GBP/USD key levels
The pair is now up 0.10% at 1.5914 with the immediate resistance at 1.5963 (high Sep.16) followed by 1.6008 (high Jan.18) and finally 1.6040 (high Jan.17). On the flip side, a breakdown of 1.5869 (low Sep.16) would open the door to 1.5776 (low Sep.13) and then 1.5760 (MA10d).
GBP/USD weaker on data
The pair surrendered initial gains after climbing to the boundaries of 1.5940 after headline consumer prices in the British economy rose 2.7% on a yearly basis, banging on estimates. The Core print expanded 2.0% over the last twelve month, missing the median at 2.1% ann matching July’s reading. Producer prices also came in below expectations, rising 1.6% YoY vs. 1.8%. Next event risk for the pound will be tomorrow’s BoE minutes and Retail Sales on Thursday.
GBP/USD key levels
The pair is now up 0.10% at 1.5914 with the immediate resistance at 1.5963 (high Sep.16) followed by 1.6008 (high Jan.18) and finally 1.6040 (high Jan.17). On the flip side, a breakdown of 1.5869 (low Sep.16) would open the door to 1.5776 (low Sep.13) and then 1.5760 (MA10d).