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GBP/USD tumbles to session lows at 1.5179/84 after UK CPI

FXstreet.com (Barcelona) - On the heels of economic data in the United Kingdom, the GBP/USD has experienced a bout of weakness that has afflicted the pair continually during European trading.

In these moments, the GBP/USD has settled at 1.5179/84 Tuesday, down -0.45% during European trading. Mataf.net analysts point to the next level of supportive correction for the cross at 1.5170, then 1.5113, and finally 1.5057. On the ascension, resistive structures abound at 1.5283, ahead of 1.5339, and finally 1.5396.

According to the ICN.com technical analyst team, “The GBP/USD moved to the upside yesterday and consolidated above 1.5220 weakening and delaying negativity without cancelling it. Moreover, its linear regression indicators are still negative, keeping the possibility of bearishness valid.”

In the United Kingdom, the Consumer Price Index (YoY and MoM) has climbed +2.4% in April (against expectations of +2.6%) and +0.2% in April (vs. a projection of +0.4%) respectively. In addition, the Core Consumer Price Index (YoY) yielded a figure of +2.0% in April, relative to a consensus of +2.3%.

UK: Consumer Price Index (YoY) up 2.4% in Apr from; (MoM) grows 0.2%

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