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19 May 2015
GBP/USD recovers losses
FXStreet (Mumbai) - The GBP/USD pair recovered from the low of 1.5630 seen in the Asian session today to trade largely unchanged on the day at 1.5660 levels.
GBP/USD awaits UK CPI data
The British Pound managed to recover losses ahead of the UK CPI data for April, which is expected to show the cost of living rebounded to 0.4% on the month, from 0.2% in March. On the year, the CPI is expected to stay unchanged at 0.0%.
However, the pair has been unable to extend the recovery to positive territory due to the relative weakness in the gilt yields. The 10-year UK gilt yield is down more than four basis points, while its US counterpart is down three basis points.
GBP/USD Technical Levels
The immediate support is seen at 1.5630, under which losses could be extended to 1.5550 levels. On the flip side, a break above 1.5660 could drive the pair higher to 1.57 levels.
GBP/USD awaits UK CPI data
The British Pound managed to recover losses ahead of the UK CPI data for April, which is expected to show the cost of living rebounded to 0.4% on the month, from 0.2% in March. On the year, the CPI is expected to stay unchanged at 0.0%.
However, the pair has been unable to extend the recovery to positive territory due to the relative weakness in the gilt yields. The 10-year UK gilt yield is down more than four basis points, while its US counterpart is down three basis points.
GBP/USD Technical Levels
The immediate support is seen at 1.5630, under which losses could be extended to 1.5550 levels. On the flip side, a break above 1.5660 could drive the pair higher to 1.57 levels.