17 Feb 2015
GBP/USD back to square one
FXStreet (Córdoba) - GBP/USD recovered from fresh daily lows scored during the New York session and erased daily losses to trade little changed on the day.
GBP/USD was rejected from the 1.5400 area during the European session and fell sharply as the dollar took back losses. Cable dropped more than 80 pips and bottomed out at 1.5315 from where it bounced to the 1.5355 area, where it trades virtually unchanged on the day.
Earlier, UK consumer prices figures showed inflation eased to its lowest level since records began in 1989. Annual CPI rose by 0.3% in January as expected and down from 0.5% in December.
GBP/USD technical levels
As for technical levels, GBP/USD could find immediate resistances at 1.5400/01 (psychological level/daily high), 1.5439 (Feb 16 high) and 1.5485 (Dec 23 low). On the other hand, supports are seen at 1.5315 (daily low), 1.5293 (10-day SMA) and 1.5208 (Feb 12 low).
GBP/USD was rejected from the 1.5400 area during the European session and fell sharply as the dollar took back losses. Cable dropped more than 80 pips and bottomed out at 1.5315 from where it bounced to the 1.5355 area, where it trades virtually unchanged on the day.
Earlier, UK consumer prices figures showed inflation eased to its lowest level since records began in 1989. Annual CPI rose by 0.3% in January as expected and down from 0.5% in December.
GBP/USD technical levels
As for technical levels, GBP/USD could find immediate resistances at 1.5400/01 (psychological level/daily high), 1.5439 (Feb 16 high) and 1.5485 (Dec 23 low). On the other hand, supports are seen at 1.5315 (daily low), 1.5293 (10-day SMA) and 1.5208 (Feb 12 low).