13 Jan 2015
GBP/USD tests 1.5080 post-data
FXStreet (Edinburgh) - The pound is now accelerating its bearish momentum, pushing GBP/USD to fresh lows in the 1.5080 neighbourhood.
GBP/USD weaker after UK CPI
The pair came under renewed selling pressure after headline consumer prices in the British economy climbed at an annual pace of 0.5% during December, missing expectations at 0.7% and down from November’s 1.0% increase. Core consumer prices followed suit, rising 1.3% on a yearly basis vs. 1.4% forecasted and 1.2% previous. In the technical space, strategists at Westpac commented “A bullish ST price pattern completed on Friday coincided with a positive shift in ST momentum. These factors warn of a period of consolidation in the coming 1-2 weeks, ahead of a test of the 2013 lows at 1.4810/40”.
GBP/USD key levels
The pair is now retreating 0.63% at 1.5083 and a breakdown of 1.5078 (low Jan.9) would aim for 1.5028 (low Jul.15 2013). On the other hand, the initial resistance aligns at 1.5195 (high Jan.12) followed by 1.5274 (high Jan.6) and then 1.5297 (10d MA).
GBP/USD weaker after UK CPI
The pair came under renewed selling pressure after headline consumer prices in the British economy climbed at an annual pace of 0.5% during December, missing expectations at 0.7% and down from November’s 1.0% increase. Core consumer prices followed suit, rising 1.3% on a yearly basis vs. 1.4% forecasted and 1.2% previous. In the technical space, strategists at Westpac commented “A bullish ST price pattern completed on Friday coincided with a positive shift in ST momentum. These factors warn of a period of consolidation in the coming 1-2 weeks, ahead of a test of the 2013 lows at 1.4810/40”.
GBP/USD key levels
The pair is now retreating 0.63% at 1.5083 and a breakdown of 1.5078 (low Jan.9) would aim for 1.5028 (low Jul.15 2013). On the other hand, the initial resistance aligns at 1.5195 (high Jan.12) followed by 1.5274 (high Jan.6) and then 1.5297 (10d MA).