14 Jul 2015
GBP/USD trades flat, awaits UK CPI data
FXStreet (Mumbai) - The GBP/USD pair is trading more or less unchanged around 1.5480 ahead of the data in the UK, which could show price pressures stalled in June.
GBP/USD – Stuck between 5-DMA and 10-DMA
The spot appears stuck between its 5-DMA and 10-DMA located at 1.5472 and 1.5490. The UK CPI year-on-year in June is expected to have stalled, compared to 0.1% in May. Month-on-month, the CPI is seen at 0.1% in June, compared to 0.2% seen in May.
Apart from the data, the pair could be influenced by the Greek banter; the latest one being Greek PM may step down after Wednesday’s deal vote. The resulting action n the EUR/GBP cross could affect the GBP/USD spot.
GBP/USD Technical Levels
The immediate resistance is seen at 1.55, above which the spot could target 1.5550 (50% R of June rally). On the other hand, support is seen at 1.5460 (61.8% of June rally) and 1.54 levels.
GBP/USD – Stuck between 5-DMA and 10-DMA
The spot appears stuck between its 5-DMA and 10-DMA located at 1.5472 and 1.5490. The UK CPI year-on-year in June is expected to have stalled, compared to 0.1% in May. Month-on-month, the CPI is seen at 0.1% in June, compared to 0.2% seen in May.
Apart from the data, the pair could be influenced by the Greek banter; the latest one being Greek PM may step down after Wednesday’s deal vote. The resulting action n the EUR/GBP cross could affect the GBP/USD spot.
GBP/USD Technical Levels
The immediate resistance is seen at 1.55, above which the spot could target 1.5550 (50% R of June rally). On the other hand, support is seen at 1.5460 (61.8% of June rally) and 1.54 levels.