12 Nov 2013
GBP/USD remains capped below 1.5900
FXstreet.com (Córdoba) - The GBP/USD accelerated lower Tuesday, extending losses into a third day, as weaker-than-expected UK inflation numbers weighed on the pound.
GBP/USD hits 2-month low
UK CPI came in at 2.2% in October, its lowest in 13 months, missing forecast of 2.5%. The GBP/USD broke decisively below the 1.5950/40 area and intensified the sell-off below the 1.5900 mark toward a fresh 2-month low of 1.5853 before finding support and recovering slightly.
GBP/USD levels to watch
With the subsequent recovery being capped by the 1.5890 area, the pair is currently trading at 1.5875 zone, recording a 0.7% loss on the day. Immediate support levels are now seen at 1.5853 (daily low) and 1.5800 (psychological level). On the other hand, resistances could be found at 1.5900 (psychological level) and 1.5940 (former support).
GBP/USD hits 2-month low
UK CPI came in at 2.2% in October, its lowest in 13 months, missing forecast of 2.5%. The GBP/USD broke decisively below the 1.5950/40 area and intensified the sell-off below the 1.5900 mark toward a fresh 2-month low of 1.5853 before finding support and recovering slightly.
GBP/USD levels to watch
With the subsequent recovery being capped by the 1.5890 area, the pair is currently trading at 1.5875 zone, recording a 0.7% loss on the day. Immediate support levels are now seen at 1.5853 (daily low) and 1.5800 (psychological level). On the other hand, resistances could be found at 1.5900 (psychological level) and 1.5940 (former support).