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GBP/USD regains hourly 50-SMA, UK CPI eyed

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The GBP/USD pair extends recovery further on the 1.51 handle in Asia, having emerged the weakest across the FX space on Monday.

    GBP/USD supported at 1.5150

    The GBP/USD pair trades 0.18% higher at 1.5172, having posted session highs at 1.5186 earlier on the day. The cable keeps the overnight recovery mode intact, having found fresh bids near 1.5150 region in early Asia and now heads higher for a retest of the strong resistance placed ahead of 1.5180 region, where the 5-DMA coincides.

    The GBP/USD pair remains supported on the back a broadly weaker US dollar and on anticipation of a minor rise in the consumer prices in the UK. The annual rate of CPI inflation is seen ticking up slightly to 0% from a negative 0.1% a month before. While the core figures are seen unchanged at 1.1%.

    Besides, the UK CPI report, markets will also look forwards to the BOE’s quarterly bulletin ahead of the US inflation data due later in the NY session. While the FOMC will commence its 2-day policy meeting later today with the Fed decision due tomorrow.

    GBP/USD Levels to consider


    The pair has an immediate resistance at 1.5186 (Daily High), above which 1.5210 (50-DMA) would be tested. On the flip side, support is seen at 1.5146 (1h 20-SMA) below which it could extend losses to 1.5102 (1h 200-SMA).

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