18 May 2015
GBP/USD looks to regains 1.5700
FXStreet (Edinburgh) - After bottoming out near 1.5650, GBP/USD has gathered traction once again and is now flirting with the 1.5700 handle.
GBP/USD attention to UK CPI
The pair continues correcting lower after last week’s multi-month peaks just beyond 1.5800 the figure, against the backdrop of renewed jitters on Greece. Spot managed to quickly leave behind the dovish tone from the BoE’s Quarterly Inflation Report last week, bolstered by the softer tone in the US docket.
Next of relevance in the pair will be tomorrow’s UK inflation figures tracked by the CPI. Market consensus expects headline consumer prices to come in flat on a year to April while Core prices are expected at 1.0% YoY.
GBP/USD levels to watch
At the moment the pair is down 0.32% at 1.5676 with the next support at 1.5603 (200-d MA) followed by 1.5558 (low May 12) and then 1.5537 (38.2% of 1.5088-1.5815). On the flip side, a break above 1.5809 (high May 15) would open the door to 1.5815 (high May 14) and finally 1.5826 (high Nov.27 2014).
GBP/USD attention to UK CPI
The pair continues correcting lower after last week’s multi-month peaks just beyond 1.5800 the figure, against the backdrop of renewed jitters on Greece. Spot managed to quickly leave behind the dovish tone from the BoE’s Quarterly Inflation Report last week, bolstered by the softer tone in the US docket.
Next of relevance in the pair will be tomorrow’s UK inflation figures tracked by the CPI. Market consensus expects headline consumer prices to come in flat on a year to April while Core prices are expected at 1.0% YoY.
GBP/USD levels to watch
At the moment the pair is down 0.32% at 1.5676 with the next support at 1.5603 (200-d MA) followed by 1.5558 (low May 12) and then 1.5537 (38.2% of 1.5088-1.5815). On the flip side, a break above 1.5809 (high May 15) would open the door to 1.5815 (high May 14) and finally 1.5826 (high Nov.27 2014).