GBP/USD reacts to UK CPI

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The GBP/USD fluctuated sideways and even recovered on Tuesday to the 1.3100 mark. However, on Wednesday morning, the UK CPI was published.

Inflation in the United Kingdom is even lower than expected. Monthly inflation measured year-on-year is just 1.7% instead of the expected 1.9%. Moreover, it is a decline from 2.2% in the prior month.

In regard to the future, a decline is finding support in the 1.3000 mark and the weekly S1 simple pivot point at 1.3014. Further below, note that the 1.2980 level appears to have acted as support. Further below, note the 1.2960 level and the weekly S2 simple pivot point.

On the other hand, a recovery of the Pound against the US Dollar is set to face the combination of the 50 and 100-hour simple moving averages near 1.3050. Higher above, note the combination of the weekly simple pivot point at 1.3074 and the 200-hour simple moving averages. If these levels fail, note the 1.3100/1.3115 zone.
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