GBP/USD stronger ahead of UK CPI

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 16, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The sterling has been catapulted to session highs vs. the dollar, lifting GBP/USD to regain the area above the 1.4500 handle.

    GBP/USD stronger ahead of UK CPI

    Spot has managed to revert the initial negative note and return to the 1.4500 neighbourhood following a positive open in London, with the FTSE100 up nearly 1%.

    Ahead in the session, GBP will remain in the limelight, as UKs inflation figures are due. In fact, markets expectations see headline CPI to have advanced 0.3% on a year to January vs. 0.2% previous.

    GBP/USD levels to consider

    As of writing the pair is up 0.47% at 1.4502 with the next hurdle at 1.4558 (55-day sma) followed by 1.4670 (high Feb.4) and finally 1.4796 (61.8% Fibo of 1.5240-1.4079). On the other hand, a break below 1.4353 (23.6% Fibo of 1.5240-1.4079) would aim for 1.4171 (low Jan.26) and then 1.4147 (low Jan.29).
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