OctaFX | OctaFX Forex Broker
Open trading account
Back

Weak UK CPI weighs on GBP - FXStreet

FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik observes that the sharper than expected UK CPI numbers decline in August put pressure on GBP/USD.

Key quotes

"The YoY reading down to 1.2% putting the BOE closer to a rate cut than a hike."

"The pair fell as low as 1.5904, posting there a fresh low for the year and a few pips above November 2013 low of 1.5893 immediate support."

"The 1 hour chart shows price bouncing some from mentioned low, with momentum still heading lower despite in oversold territory, and RSI aiming higher around 22, still far from signaling a recovery."

"In the 4 hours chart technical readings support the bearish bias, with momentum retreating from 100 which supports further declines, to be confirmed on a break below mentioned support."

USD/CAD unable to sustain gains above 1.1250

The USD/CAD's rally from 1.1190 priced overnight climbed to break above 1.1250 and to trade as high as 1.1260 where the pair found selling interest just at the US American opening; however, the pair is trading back now at 1.1220.
Read more Previous

Natural Gas faces technical resistance

Natural Gas prices are unable to rise above a technical resistance as the investors await the weekly inventory data.
Read more Next
Start livechat