GBP/USD Attempting Gains Ahead of UK CPI Release
GBP/USD
is attempting gains, trading slightly higher on the day around 1.4244
ahead of the data in the UK which could show cost of living ticked
higher in March.
Offered at 1.4286
The
currency pair ran out of steam at a high of 1.4286 in the NY session
yesterday after the BRC monitor showed retail sales were flat lined in
March. The spot thus trimmed gains and ended below 50-DMA level.
The
focus today is on UK CPI data. Economists expect March CPI to print at
0.4% y/y and 0.3% m/m. Core inflation is also seen rising 1.3% y/y as
opposed to February figure of 1.2% y/y.
GBP/USD Technical Levels
The
pair currently trades around 1.4240 levels. Acceptance above 1.4252
(50% of 1.4669-1.3835) + 1.4257 (50-DMA) would open doors for a rise to
1.43 levels. Conversely, a breakdown of immediate support at 1.4215
(10-DMA) would shift risk in favor of a drop to 1.4154 (38.2% of
1.4669-1.3835).
(Market News Provided by FXstreet)
