15 Sep 2015
GBP/USD erases CPI-inspired gains, reverts to 1.5425
FXStreet (Mumbai) - The GBP/USD pair erased gains and trades muted in the mind-European trades, receding from session highs reached above 1.5450 levels following the release of the UK inflation numbers.
Focus shifts to US data
The GBP/USD pair trades muted at 1.5424, easing-off fresh session highs posted at 1.5457 couple of hours ago. The pound gave away entire gains and now trades modestly flat against the US dollar, as focus now shifts towards a batch of US economic data due to be reported in the New York session.
Earlier this session, GBP/USD spiked to 1.5457 highs after the UK consumer prices report showed inflation in the country met forecasts, although remains well below the central bank's 2% target.
Looking ahead, volatility should be lower until Thursday as the chances are still alive for the first rate hike in almost a decade. In the meantime, tomorrow’s the UK employment report as well USD CPI figures will keep GBP traders busy.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5473 (Sept 14 High) above which gains could be extended to 1.5509 (Aug 27 High) levels. On the flip side, support is seen at 1.5400 below which it could extend losses to 1.5368 (Aug 27 Low) levels.
Focus shifts to US data
The GBP/USD pair trades muted at 1.5424, easing-off fresh session highs posted at 1.5457 couple of hours ago. The pound gave away entire gains and now trades modestly flat against the US dollar, as focus now shifts towards a batch of US economic data due to be reported in the New York session.
Earlier this session, GBP/USD spiked to 1.5457 highs after the UK consumer prices report showed inflation in the country met forecasts, although remains well below the central bank's 2% target.
Looking ahead, volatility should be lower until Thursday as the chances are still alive for the first rate hike in almost a decade. In the meantime, tomorrow’s the UK employment report as well USD CPI figures will keep GBP traders busy.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5473 (Sept 14 High) above which gains could be extended to 1.5509 (Aug 27 High) levels. On the flip side, support is seen at 1.5400 below which it could extend losses to 1.5368 (Aug 27 Low) levels.