GBP/USD Bounces Off 1.4250 on UK CPI

GBP/USD Bounces Off 1.4250 on UK CPI

22 March 2016, 11:39
Roberto Jacobs

GBP/USD Bounces Off 1.4250 on UK CPI

The decline in the sterling seems to have found some support vs. the greenback around the mid-1.4200s, with GBP/USD rebounding towards 1.4285/80 band.

GBP/USD bid after UK data

The pair has managed to gather some traction after UK consumer prices have risen 0.4% on a year to February and 0.2% inter-month, both prints coming in below expectations; the Core CPI showed prices rose 1.2% YoY, matching initial estimates.

In the meantime, the pair remains in the lower bound of the daily range following the suicide bombing at Brussels airport and three attacks to the metro.

GBP/USD levels to consider

As of writing the pair is losing 0.49% at 1.4298 facing the next support at 1.4249 (50% Fibo of 1.4670-1.3833) ahead of 1.4218 (20-day sma) en route to 1.4028 (23.6% Fibo of 1.4670-1.3833). On the other hand, a break above 1.4502 (high Mar.17) ahead of 1.4670 (high Feb.4) and finally 1.4948 (high Dec.25 2015).

(Market News Provided by FXstreet)

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