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16 Dec 2014
GBP/USD jumps above 1.57 handle, ignores bearish UK CPI print
FXStreet (Mumbai) - The British pound jumped against the US dollar after witnessing a sharp drop immediately after the release of UK price pressures print which slowed to the lowest level since September 2002.
The GBP/USD pair rebounded and now trades at fresh daily highs of 1.5722 levels, up 0.53%. The pound declined sharply on the UK CPI numbers which showed that the rate of inflation decelerated to a surprising 1.0% in November, driven down by transport and recreation and culture prices. The inflation print registered the slowest growth in 12 years. The 12-month rate came in below analysts' estimates of 1.2% and follows an unexpected acceleration of 1.3% in October.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5747 (Dec 15 High) above which gains could be extended to 1.5765 (Dec 1 High) levels. On the flip side, support is seen at 1.5649 (Dec 11 Low), below which it could extend losses to 1.5624 (Dec 9 Low) levels.
The GBP/USD pair rebounded and now trades at fresh daily highs of 1.5722 levels, up 0.53%. The pound declined sharply on the UK CPI numbers which showed that the rate of inflation decelerated to a surprising 1.0% in November, driven down by transport and recreation and culture prices. The inflation print registered the slowest growth in 12 years. The 12-month rate came in below analysts' estimates of 1.2% and follows an unexpected acceleration of 1.3% in October.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5747 (Dec 15 High) above which gains could be extended to 1.5765 (Dec 1 High) levels. On the flip side, support is seen at 1.5649 (Dec 11 Low), below which it could extend losses to 1.5624 (Dec 9 Low) levels.