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GBP/USD retreats below 1.4300

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - The sterling is now trimming part of its earlier gains vs. the dollar, taking GBP/USD back below the 1.4300 handle.

    GBP/USD focus on UK CPI

    The pair’s decline seems to have found some support around Friday’s fresh multi-year lows near 1.4230, although today’s recovery has run out of legs in the vicinity of 1.4330 so far.

    Ahead in the week, tomorrow’s inflation figures in the UK economy will take centre stage, with consensus expecting consumer prices to have risen at an annual pace of 0.2%. Further releases of note will be Wednesday’s labour market figures and Friday’s retail sales.

    GBP/USD key levels

    The pair is now up 0.17% at 1.4277 and a break above 1.4490 (downtrend from 1.5232) would open the door to 1.4626 (20-day sma) and finally 1.4947 (high Dec.24). On the flip side, the immediate support lines up at 1.4247 (low Jan.15) ahead of 1.4230 (monthly low Apr.2010) and then 1.4049 (monthly lows Jan.2010).
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