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Forex: GBP/USD testing resistance at 1.5130/35

FXstreet.com (Barcelona) - The GBP/USD was held by the 1.5075 zone as the London opening pushed the pair lower. There, the load of UK data triggered a move to 1.5135 high, being able to stay above the opening price since then.

UK CPI rose from 2.7% to 2.8% in February, with a monthly rise of 0.7%. Core data stayed unchanged at 2.3% (YoY). PPI input rose 3.2% (+1.9% consensus) and output rose 0.8% (consensus of +0.3%). Core output PPI rose 0.3% (MoM), with consensus at +0.2%.

Retail Prices in the UK were at +0.7% (consensus of +0.8%) in February, with easing YoY data from 3.3% to 3.2%. UK DCLG fell from 3.3% to 2.2% (consensus of 2.6%) in January.

“Still in a process of testing 1.5070 support area and the outlook remains bullish, for a rise towards 1.5330 zone”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to key support at 1.4980 if the market falls below 1.5070. “but while the mentioned area holds, the uptrend from 1.4830 will remain intact, targeting 1.5330”, he added.

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