18 May 2015
GBP/USD consolidates above 1.5650
FXStreet (Córdoba) - GBP/USD faced mild pressure on Monday as the greenback recovered ground after falling to multi-month lows last week, on the back of disappointing US data.
GBP/USD fell to the 1.5650 zone but the support level held despite a couple of attempts over the last hours. Cable entered a consolidation phase near daily lows and it is currently trading at 1.5670, still 0.34% down on the day.
UK inflation data awaited
This week, UK and US inflation numbers will be key for GBP/USD. UK CPI will be released on Tuesday with the market expecting a 0.4% rise MoM and a flat reading YoY, while the core CPI is expected to come at 1.0% YoY.
GBP/USD levels to watch
In terms of technical levels, immediate supports are seen at 1.5650 (daily low), 1.5612 (200-day SMA) and 1.5600 (psychological level). On the flip side, resistances could be found at 1.5744 (daily high), 1.5800 (psychological level) and the 1.5808/14 zone (May 14 & 15 highs).
GBP/USD fell to the 1.5650 zone but the support level held despite a couple of attempts over the last hours. Cable entered a consolidation phase near daily lows and it is currently trading at 1.5670, still 0.34% down on the day.
UK inflation data awaited
This week, UK and US inflation numbers will be key for GBP/USD. UK CPI will be released on Tuesday with the market expecting a 0.4% rise MoM and a flat reading YoY, while the core CPI is expected to come at 1.0% YoY.
GBP/USD levels to watch
In terms of technical levels, immediate supports are seen at 1.5650 (daily low), 1.5612 (200-day SMA) and 1.5600 (psychological level). On the flip side, resistances could be found at 1.5744 (daily high), 1.5800 (psychological level) and the 1.5808/14 zone (May 14 & 15 highs).