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13 Aug 2013
GBP/USD returns to 1.5480
FXstreet.com (Edinburgh) -The GBP/USD has recovered the knee-jerk to session lows below 1.5440 after the UK inflation figures came in below expectations.
GBP/USD back to 1.5480
The pair is now revisiting intraday peaks in the boundaries of 1.5480 on Tuesday, after the UK consumer prices rose 2.8% on a yearly basis in July, and the Core reading rose 2.0%, missing the median at 2.2% and lower from June’s 2.3%. “Overall we see greater scope for GBP to strengthen over the short-term against the EUR than the USD. Given last week’s announcement and the level of inflation in the Euro area, the pressure on the ECB to keep policy accommodative is far greater than it is for the BoE or the Fed. GBP/USD gains are expected to exhaust around 1.57”, suggested Nick Mannion and Paul Robson, FX Strategists at RBS.
GBP/USD key levels
The pair is now flat at 1.5462 with the next hurdle at 1.5521 (high Aug.12) followed by 1.5529 (MA200d) and then 1.5558 (high Aug.9). On the flip side, a breach of 1.5377 (MA10d) would open the door to 1.5375 (low Aug.9) and finally 1.5318 (MA100d).
GBP/USD back to 1.5480
The pair is now revisiting intraday peaks in the boundaries of 1.5480 on Tuesday, after the UK consumer prices rose 2.8% on a yearly basis in July, and the Core reading rose 2.0%, missing the median at 2.2% and lower from June’s 2.3%. “Overall we see greater scope for GBP to strengthen over the short-term against the EUR than the USD. Given last week’s announcement and the level of inflation in the Euro area, the pressure on the ECB to keep policy accommodative is far greater than it is for the BoE or the Fed. GBP/USD gains are expected to exhaust around 1.57”, suggested Nick Mannion and Paul Robson, FX Strategists at RBS.
GBP/USD key levels
The pair is now flat at 1.5462 with the next hurdle at 1.5521 (high Aug.12) followed by 1.5529 (MA200d) and then 1.5558 (high Aug.9). On the flip side, a breach of 1.5377 (MA10d) would open the door to 1.5375 (low Aug.9) and finally 1.5318 (MA100d).