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GBP/USD clinches 1.52 on UK CPI

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The sterling is trading on a better mood on Tuesday, lifting GBP/USD to the boundaries of 1.5200 the figure post-UK releases.

    GBP/USD stronger on upbeat CPI

    The pair has reverted part of its daily decline after core consumer prices in the UK economy have risen at an annual pace of 1.1% during October, surpassing initial estimates. Furthermore, headline CPI has contracted 0.1% over the last twelve months, matching prior surveys.

    Next of relevance for the pair will be the US docket, with October’s inflation figures tracked by the CPI, followed by the NAHB index, Industrial Production and Capacity Utilization figures.

    GBP/USD important levels

    The pair is now losing 0.13% at 1.5185 facing the immediate support at 1.5135 (23.6% Fibo of 1.5496-1.5023) followed by 1.5023 (low Nov.6) and then 1.4853 (low Apr.22). On the other hand, a breakout of 1.5262 (7-month uptrend prev. support now resistance) would expose 1.5316 (61.8% Fibo of 1.5496-1.5023) and finally 1.5343(200-day sma).
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