17 Nov 2015
GBP/USD consolidates ahead of US CPI data
FXStreet (Mumbai) - The GBP/USD pair finds itself stuck around 1.5210 as traders await to see if the core inflation in the US held up well amid a possible weakness in the headline CPI figure.
Sterling on a strong footing
Sterling is heading into the US session on a strong footing; courtesy of an uptick in core inflation. The US core inflation in October is seen unchanged at an annualised rate of 1.9%. Meanwhile, the headline figure is seen rising 0.1% y/y and 0.2% m/m.
Later on the cards is the US monthly industrial production and capacity utilisation figure. It remains to be seen if markets react to a possible weak economic data in the US, since the December liftoff is widely considered as a done deal.
GBP/USD Technical Levels
The immediate resistance is seen at 1.5248 (50% of Apr-Jun rally) and 1.5262 (50% of 1.5497-1.5027), above which the pair could test 1.53 handle. On the other side, a failure to sustain above the hourly 100-MA at 1.5208 could open doors for a re-test of 1.5169 (hourly 200-MA).
Sterling on a strong footing
Sterling is heading into the US session on a strong footing; courtesy of an uptick in core inflation. The US core inflation in October is seen unchanged at an annualised rate of 1.9%. Meanwhile, the headline figure is seen rising 0.1% y/y and 0.2% m/m.
Later on the cards is the US monthly industrial production and capacity utilisation figure. It remains to be seen if markets react to a possible weak economic data in the US, since the December liftoff is widely considered as a done deal.
GBP/USD Technical Levels
The immediate resistance is seen at 1.5248 (50% of Apr-Jun rally) and 1.5262 (50% of 1.5497-1.5027), above which the pair could test 1.53 handle. On the other side, a failure to sustain above the hourly 100-MA at 1.5208 could open doors for a re-test of 1.5169 (hourly 200-MA).