GBP Held Above 1.22 Handle, Awaiting CPI Data

GBP/USD rose 97 pips in early morning trading sessions. The sterling received a push yesterday after disappointing manufacturing index -6.8 and industrial production 0.1% not meeting expectations 0.3%. The US dollar Index also tumbled -0.15% in in Asian sessions 97.76%.

As a result, the US dollar lost it’s pace, and the British pound gained some profits as Prime Minister Theresa May is prepared to listen to top ministers opinion for leaving EU. GBP/USD clocked a high 1.2273, currently trading at 1.2230, above daily Pp, but leaving the EU single market will be harsh on sterling, thus remaining under pressure. GBP/USD awaits today British Core CPI which will set the on-going trend knowing that good CPI data will encourage the BOE to take more actions.

Trend: bearish

Key levels to watch: Daily Pp 1.2174

First Resistance : R1 1.2305, R2 1.2368, R3 1.2475, R4 1.2544

First Support: S1 1.2147, S2 1.2092, S3 1.2034, S4 1.1982

Remark: Price range between R1 and S1, 1.2147 the strong support, any break below it will trigger into S2. Look forward for today’s news where market will witness volatility due to crucial news first at 9:30 AM GMT GBP CPI, later today at 1:30 PM GMT US Core CPI.

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

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