Forex: GBP/USD fell after CPI data was published

on May 21, 2013
Listen

Sterling made a bullish correction in New York trading yesterday when the GBP/USD rose to 1.5220, altering its low development from the last week and climbing to 1.5281 high, but the rally didn’t last.

Today, during the morning European trading, the pair fell from 1.5230 to 1.5186 following release of the latest UK Consumer Price Index data showed a fall in annual inflation to 2.4 percent against an anticipated drop in the range 2.8 to 2.6 percent. Monthly CPI rose by 0.2 against an expected 0.4 percent. The Retail Price Index (RPI) slid to 2.9 percent, below the 1-3 percent belt. The prediction had been 3.3 to 3.1 percent. Monthly RPI rose by 0.3 percent, lower than the 0.5 expected. Core CPI should have fallen from 2.4 to 2.3 percent but was actually down at two percent.
Analysts see the next level of supportive correction for the cross at 1.5170, then 1.5113, and finally at 1.5057.

Are you looking for signals & alerts from pro-traders? Sign-up to Invezz Signals™ for FREE. Takes 2 mins.

Ad

Want easy-to-follow crypto, forex & stock trading signals? Make trading simple by copying our team of pro-traders. Consistent results. Sign-up today at Invezz Signals.

Learn more
GBP Forex