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11 Sep 2015
GBP/USD in red after UK inflation expectations drop
FXStreet (Mumbai) - The GBP/USD was trading with moderate losses at the time of writing after the BOE reported a drop in its gauge of 12-month inflation expectations.
Rejected at 1.5460
The spot failed to take out 1.5460 earlier today and turned lower. Sterling dipped into losses after the latest inflation expectation data from the BOE and GFK printed at 2%, compared to the previous figure of 2.2%. Two-year Inflation expectations remained unchanged at 2.3%.
Ahead in the day, the spot could remain muted as the economic calendar at both the sides of the Atlantic does not offer first tier data releases. The US PPI and Michigan confidence could trigger minor moves.
GBP/USD Technical Levels
The spot now trades 1.5430; down 0.10%. The immediate support is seen at 1.5424 (Aug 7 low), under which losses could be extended to 1.54 levels. On the other side, resistance is located at 1.5460 (61.8% of June rally) and 1.55 levels.
Rejected at 1.5460
The spot failed to take out 1.5460 earlier today and turned lower. Sterling dipped into losses after the latest inflation expectation data from the BOE and GFK printed at 2%, compared to the previous figure of 2.2%. Two-year Inflation expectations remained unchanged at 2.3%.
Ahead in the day, the spot could remain muted as the economic calendar at both the sides of the Atlantic does not offer first tier data releases. The US PPI and Michigan confidence could trigger minor moves.
GBP/USD Technical Levels
The spot now trades 1.5430; down 0.10%. The immediate support is seen at 1.5424 (Aug 7 low), under which losses could be extended to 1.54 levels. On the other side, resistance is located at 1.5460 (61.8% of June rally) and 1.55 levels.