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GBP/USD a non event with 50 pip range - FXStreet

FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the pound showed no signs of life during the last 24 hours, spending the day confined in a 50 pips range against its American rival.

Key Quotes:

“In the UK, inflation readings met expectations, with the YoY reading at 1.3% picking up from previous 1.2%, albeit the core reading remained steady at 1.5% against the expected 1.6%”.

“Ever since the BOE suggested inflation will remain subdued and there will be no rate hikes in 2015, the Pound lost its charm”.

“Short term, the 1 hour chart for the GBP/USD shows price consolidating near its recent lows, with indicators turning slightly lower around their midlines and price below a flat 20 SMA, lacking directional strength”.

“In the 4 hours chart indicators extended their correction from oversold levels yet stalled below their midlines, whilst 20 SMA maintains a strong bearish slope offering intraday resistance in the 1.5660/70 price zone”.

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