GBP/USD weaker ahead of CPI, around 1.5150

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The sterling is losing the grip today vs. the dollar, dragging GBP/USD to test the lower bound of the range in the mid-1.5100s.

    GBP/USD focus on UK CPI

    The pair is losing ground in response to a renewed selling mood around GBP after being rejected from recent peaks in the 1.5250 area. In addition, spot could not benefit further from the softer tone surrounding the US dollar, leaving all the attention to today’s releases in the UK economy.

    In fact, UK’s inflation figures are due next, with consensus expecting consumer prices to have advanced at an annual pace of 0.1% during November, reverting the previous 0.1% drop; on a monthly basis, prices are seen contracting 0.1%.

    GBP/USD important levels

    The pair is now up 0.06% at 1.5145 with the next support at 1.5115 (50% Fibo of 1.5336-1.4893) ahead of 1.5000 (psychological level) and finally 1.4954 (low Dec.8). On the flip side, a breakout of 1.5232 (55-day sma) would open the door to 1.5336 (high Nov.9) and finally 1.5323 (200-day sma).
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