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19 May 2015
GBP/USD drops further on UK CPI
FXStreet (Edinburgh) - The pound is under heavy selling pressure now, dragging GBP/USD to test multi-day lows around 1.5540.
GBP/USD weaker on data
The pair saw its decline accelerated after consumer prices in the UK economy rose a meagre 0.2% on a monthly basis during April and contracted 0.1% over the last twelve months. Both prints have missed expectations at 0.4% and 0.0%, respectively. In the same direction, Core CPI advanced at an annual pace of 0.8% vs. 1.0% initially anticipated.
GBP/USD levels to watch
At the moment the pair is retreating 0.77% at 1.5532 facing the next support at 1.5500 (psychological level) ahead of 1.5498 (high Apr.29) and finally 1.5452 (50% of 1.5088-1.5815). On the other hand, a breakout of 1.5596 (200-d MA) would aim for 1.5600 (psychological level) and then 1.5745 (high May 18).
GBP/USD weaker on data
The pair saw its decline accelerated after consumer prices in the UK economy rose a meagre 0.2% on a monthly basis during April and contracted 0.1% over the last twelve months. Both prints have missed expectations at 0.4% and 0.0%, respectively. In the same direction, Core CPI advanced at an annual pace of 0.8% vs. 1.0% initially anticipated.
GBP/USD levels to watch
At the moment the pair is retreating 0.77% at 1.5532 facing the next support at 1.5500 (psychological level) ahead of 1.5498 (high Apr.29) and finally 1.5452 (50% of 1.5088-1.5815). On the other hand, a breakout of 1.5596 (200-d MA) would aim for 1.5600 (psychological level) and then 1.5745 (high May 18).