GBP/USD eyes 1.4350 on UK CPI

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 19, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The British pound is gathering further steam vs. the dollar on Tuesday, now pushing GBP/USD to daily peaks near 1.4350.

    GBP/USD firmer post-CPI figures

    The pair is trading in session highs following auspicious inflation figures in the UK economy, where headline consumer prices have gained 0.2% on a year to December and advanced 0.1% inter-month.

    Spot has thus extended its renewed upside momentum above the 1.4300 handle, rebounding sharply from recent multi-year troughs in the 1.4230 region.

    GBP/USD key levels

    The pair is now up 0.58% at 1.4325 and a break above 1.4464 (downtrend from 1.5232) would open the door to 1.4596 (20-day sma) and finally 1.4947 (high Dec.24). On the flip side, the immediate support lines up at 1.4233 (low Jan.18) ahead of 1.4230 (monthly low Apr.2010) and then 1.4049 (monthly lows Jan.2010).
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