FXStreet (Mumbai) - The buying interest in the GBP/USD spiked, taking it to a session high of 1.5437 after it managed to stay above 1.54 handle despite the early attack from the bears.
Focus on UK data
The UK CPI inflation report for August, due for release later today, is expected to show the cost of living stalled year-on-year, but rebounded 0.2% month-on-month. The BOE on numerous occasions has expressed the possibility of inflation falling further in the short-term. Meanwhile, core inflation is seen dipping to 1% from July’s 1.2%.
Ahead in the day, the cable could also be influenced by the US advance retail sales report and industrial production figures.
GBP/USD Technical Levels
The spot currently trades around 1.5425. The immediate resistance is seen at 1.5460 (61.8% of June rally), above which the pair could target 1.55 levels. On the other side, support is seen at 1.54 and 1.5372 (Sep 14 low).
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