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16 Apr 2013
Forex: GBP/USD in red after UK CPI
FXstreet.com (Barcelona) - The pound remains below the key level at 1.5300 on Tuesday, after the consumer prices in the British economy during March rose 2.8% over the last twelve month and 0.3% on a monthly basis. The Core CPI rose 2.4% YoY vs. the median at 2.3%.
“The BoE’s new remit explicitly gives the MPC greater flexibility to run looser monetary policy to support growth while tolerating an inflation overshoot for longer. If the economic recovery continues to prove disappointing then more QE is likely from the BoE later in 2013 weighing upon the pound”, commented Lee Hardman, Currency Analyst at BTMU.
GBP/USD is now losing 0.02% at 1.5281 and a dip beyond 1.5251 (low Apr.9) would aim for 1.5239 (low Apr.8) and finally 1.5225 (MA21d).
On the flip side, resistance levels line up at 1.5386 (high Apr.15) followed by 1.5409 (high Apr.12) and then 1.5412 (high Apr.11).
“The BoE’s new remit explicitly gives the MPC greater flexibility to run looser monetary policy to support growth while tolerating an inflation overshoot for longer. If the economic recovery continues to prove disappointing then more QE is likely from the BoE later in 2013 weighing upon the pound”, commented Lee Hardman, Currency Analyst at BTMU.
GBP/USD is now losing 0.02% at 1.5281 and a dip beyond 1.5251 (low Apr.9) would aim for 1.5239 (low Apr.8) and finally 1.5225 (MA21d).
On the flip side, resistance levels line up at 1.5386 (high Apr.15) followed by 1.5409 (high Apr.12) and then 1.5412 (high Apr.11).