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GBP/USD: Bulls defending 1.52 handle, awaits US CPI

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 17, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - A renewed selling wave hit the USD in the mid-European trades, keeping GBP/USD in familiar range above 1.52 handle.

    GBP/USD wavers above 1.5200

    The GBP/USD pair trades modestly flat at 1.5204, retesting session highs posted at 1.5217 in post-UK CPI release. The major is seen consolidating to the upside, as markets continue to digest the latest upbeat UK inflation data.

    The annualized UK CPI continued to remain at a record low rate of -0.1% for the second straight session. Meanwhile m/m CPI rose above zero by 0.1% and the core CPI, stripped of energy and food prices, rose above expectations to 1.1%, its highest level in three months.

    Attention now turns to the US CPI data scheduled for release later today, which may provide fresh insights on the timing of the Fed rate lift-off.

    GBP/USD Levels to consider

    The pair has an immediate resistance at 1.5228 (Nov 16 High), above which 1.5257/66 (20-DMA/ Nov 13 High) would be tested. On the flip side, support is seen at 1.5179 (1h 200-SMA) below which it could extend losses to 1.5134 (daily S3).
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