13 Jan 2015
GBP/USD shrugs off CPI miss, erases intraday losses
FXStreet (Córdoba) - GBP/USD managed to recover ground after falling below 1.5100 on the back of lower-than-expected UK CPI data.
Cable bottomed fell to a 5-day low of 1.5076 after data showed consumer inflation rose by 0.5% in the twelve months to December versus 0.7% expected and down from 1.0% the previous month. However, the core CPI rose by 1.3% versus 1.2% printed in November. The pound managed to bounce off lows afterwards and erased completely daily losses to currently trade at the 1.5170 zone.
GBP/USD technical levels
In terms of technical levels, immediate resistances are seen at 1.5190 (daily high) and 1.5230 (200-hour SMA). On the other hand, supports could be found at 1.5076 (daily low) and 1.5033 (18-month low Jan 8).
Cable bottomed fell to a 5-day low of 1.5076 after data showed consumer inflation rose by 0.5% in the twelve months to December versus 0.7% expected and down from 1.0% the previous month. However, the core CPI rose by 1.3% versus 1.2% printed in November. The pound managed to bounce off lows afterwards and erased completely daily losses to currently trade at the 1.5170 zone.
GBP/USD technical levels
In terms of technical levels, immediate resistances are seen at 1.5190 (daily high) and 1.5230 (200-hour SMA). On the other hand, supports could be found at 1.5076 (daily low) and 1.5033 (18-month low Jan 8).