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GBP/USD: Sharp fall towards 1.53, all eyes on UK inflation

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 13, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Bali) - GBP/USD just saw a sharp 30 pips drop in thin Asian markets, losing the 1.5335/40 support, and quickly falling towards the 1.53 handle.

    GBP/USD technicals still supportive

    Technically, according to Valeria Bednarik, Chief Analyst at FXStreet, despite the decline seen, "in the 4 hours chart, the Momentum indicator bounces from its mid-line and the RSI indicator consolidates around 60, all of which favors an upward continuation, as long as aboveo 1.5260 continue to attract buyers."

    UK inflation eyed, to remain choppy?

    Later today, the UK will release inflation numbers. An articles recently posted by Nomura, read: "The rate of CPI inflation has been choppy for several months and we expect that to remain true for the next couple of months before an upward trend establishes itself. Base effects from sea fares last year are the main factor driving our forecast for CPI inflation to increase by a tenth to 0.1% y-o-y in September, unlike the consensus."
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