GBP/USD Attempting Gains Ahead of UK CPI Release

GBP/USD Attempting Gains Ahead of UK CPI Release

12 April 2016, 07:42
Roberto Jacobs
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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)


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