OctaFX | OctaFX Forex Broker
Open trading account

GBP/USD edges even lower after US data

FXStreet (Córdoba) - The GBP/USD stretched to yet another 4-month low at the beginning of the American session as the greenback strengthened after the release of US inflation and housing data.

Annual US consumer price index grew by 2.0% for the headline and 1.9% for the core in July, matching market's expectations. On a strong note, US housing starts rose 15.7% to 1.093 million in July versus 7.6% forecasted, reaching the highest level in 8 months and indicating a pick up in building.

The GBP/USD, that was underperforming in the wake of UK CPI downside surprise, fell to a fresh 4-month low of 1.6622 in recent dealings.

GBP/USD technical levels

In terms of technical levels, the Cable could find next supports at 1.6602/00 (Apr 8 low/psychological level), 1.6564 (Apr 7 low) and 1.6548 (Apr 4 low). On the flip side, resistances are now seen at 1.6667 (200-day SMA), 1.6700 (psychological level) and 1.6727 (Aug 19 high).

USD/CAD back to 1.0900

The USD/CAD quickly faded the spike to fresh highs just below 1.0920 in the wake of the US data releases....
Read more Previous

Germany Producer Price Index (MoM) below expectations (0.1%) in July: Actual (-0.1%)

Read more Next
Start livechat