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GBP/USD consolidates ahead of US CPI data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 15, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - The GBP/USD pair has consolidated around 1.5150 ahead of the data in the US, which could show the core inflation ticked higher in November.

    Will CPI move markets?

    The data is expected to show the CPI stalled in November on a monthly basis. In annualised terms, the CPI is seen rising 0.4% from previous figure of 0.2%. The core figure is seen rising 2.0% y/y from 1.9%.

    The data could move markets, if the headline and core figure print higher than estimates or significantly lower than estimates. Moreover, it could influence the expectations of the size of the liftoff tomorrow and impact the overall demand for the US dollars.

    GBP/USD Technical Levels

    The pair faces immediate resistance at 1.5185 (23.6% of July 2014-April 2015 plunge), ahead of the major hurdle at 1.5235 (50-DMA) – 1.5248 (50% of Apr-Jun rally). On the other hand, support is seen at 1.5113 (23.6% of 1.5819-1.4895), under which the pair could drop to 1.5027 (Nov 6 low).
    For more information, read our latest forex news.

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