24 Mar 2015
GBP/USD sidelined around 1.4940
FXStreet (Edinburgh) - The sterling is now consolidating vs. the US dollar, with GBP/USD extending the overnight pattern around 1.4940.
GBP/USD focus on UK CPI
The greenback seems to be picking up pace after the recent pullbacks, keeping the demand for the pound and the rest of the risk-associated assets subdued. Ahead in the session, critical inflation figures are due in the British economy. Prior surveys indicate that headline consumer prices would have risen 0.1% on a year to February, while Core prices would have gained 1.3% over the last twelve months.
Despite the rebound from last week’s troughs around 1.4630, traders still struggle to push spot beyond the psychological 1.5000 handle, mainly after recent comments by BoE’s Chief Economist A.Haldane, who did not rule out the possibility of a rate cut.
GBP/USD key levels
The pair is now losing 0.17% at 1.4926 with the immediate support at 1.4920 (hourly low Mar.24) ahead of 1.4858 (100-h MA) and finally 1.4840 (low Mar.23). On the flip side, a breakout of 1.4990 (high Mar.23) would aim for 1.5008 (high Mar.19) and then 1.5155 (high Mar.18).
GBP/USD focus on UK CPI
The greenback seems to be picking up pace after the recent pullbacks, keeping the demand for the pound and the rest of the risk-associated assets subdued. Ahead in the session, critical inflation figures are due in the British economy. Prior surveys indicate that headline consumer prices would have risen 0.1% on a year to February, while Core prices would have gained 1.3% over the last twelve months.
Despite the rebound from last week’s troughs around 1.4630, traders still struggle to push spot beyond the psychological 1.5000 handle, mainly after recent comments by BoE’s Chief Economist A.Haldane, who did not rule out the possibility of a rate cut.
GBP/USD key levels
The pair is now losing 0.17% at 1.4926 with the immediate support at 1.4920 (hourly low Mar.24) ahead of 1.4858 (100-h MA) and finally 1.4840 (low Mar.23). On the flip side, a breakout of 1.4990 (high Mar.23) would aim for 1.5008 (high Mar.19) and then 1.5155 (high Mar.18).