18 Feb 2014
GBP/USD holds above 1.6700 ahead of CPI data
FXStreet (Córdoba) - The GBP/USD remains quiet early in Asia hovering above 1.6700 ahead of inflation data from the United Kingdom. The pair bottomed on Monday at 1.6694 but bounced to the upside, rising back above 1.6700, but the recovery so far has been capped by 1.6725.
Outlook for the GBP/USD
According to Jim Langlands, from FX Charts the GBP/USD could remain volatile over the next couple of sessions ahead of data. Tuesday will see inflation numbers that Langlands notes it could provoke further downside momentum it it comes below the target of the Bank of England that is 2%.
“If the CPI is a strong number (doubtful) then Cable will again turn higher, with 1.6750 and 1.6800 again coming into view. I don’t think we are heading back to the session high at 1.6821 again today, but if wrong, there is not too much to stop it from heading up towards 1.7000. I don’t think it is ready for those dizzy heights yet,” Langlands concludes.
Outlook for the GBP/USD
According to Jim Langlands, from FX Charts the GBP/USD could remain volatile over the next couple of sessions ahead of data. Tuesday will see inflation numbers that Langlands notes it could provoke further downside momentum it it comes below the target of the Bank of England that is 2%.
“If the CPI is a strong number (doubtful) then Cable will again turn higher, with 1.6750 and 1.6800 again coming into view. I don’t think we are heading back to the session high at 1.6821 again today, but if wrong, there is not too much to stop it from heading up towards 1.7000. I don’t think it is ready for those dizzy heights yet,” Langlands concludes.