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18 Jun 2013
GBP/USD extending the correction to 1.5650
FXstreet.com (Edinburgh) - After bottoming in the area of 1.5560, the sterling has managed to gather traction and lift the GBP/USD to the current region around the mid 1.56s.
GBP/USD digested CPI figures
Market participants left behind the higher consumer prices in the UK during May, as they’re now focusing on the FOMC meeting due tomorrow. " With the UK economy gradually regaining upward momentum in the first half of this year and inflation still above target, investor expectations for further BoE monetary easing this year have been scaled back helping the pound to rebound after it had weakened sharply in Q1”, commented Lee Hardman, Currency Analyst at BTMU.
GBP/USD relevant levels
At the moment the pair is retreating 0.53% at 1.5636 with the immediate support at 1.5521 (low Jun.11) ahead of 1.5488 (low Jun.7) and finally 1.5426 (61.8% of 1.5008-1.4685). On the upside, a breakout of 1.5723 (high Jun.18) would clear the way to 1.5753 (high Jun.17) and then 1.5789 (61.8% of 1.6380-1/4832).
GBP/USD digested CPI figures
Market participants left behind the higher consumer prices in the UK during May, as they’re now focusing on the FOMC meeting due tomorrow. " With the UK economy gradually regaining upward momentum in the first half of this year and inflation still above target, investor expectations for further BoE monetary easing this year have been scaled back helping the pound to rebound after it had weakened sharply in Q1”, commented Lee Hardman, Currency Analyst at BTMU.
GBP/USD relevant levels
At the moment the pair is retreating 0.53% at 1.5636 with the immediate support at 1.5521 (low Jun.11) ahead of 1.5488 (low Jun.7) and finally 1.5426 (61.8% of 1.5008-1.4685). On the upside, a breakout of 1.5723 (high Jun.18) would clear the way to 1.5753 (high Jun.17) and then 1.5789 (61.8% of 1.6380-1/4832).