GBP/USD Confirms Bearish Momentum, US Data in Focus
GBP/USD slipped the 1.2500 threshold moments ago dragged by negative UK data, not meeting expectations. Consumer Price Index CPI scored 1.8% with forecasts at 1.9%. The pair made a test at first support 1.2479 with failure, clocked a low 1.2479, supported by strong US dollar performance as the US index maintained strong levels at 100.86 intraday. The cable is set to go further test today as US released Producer Price Index at 1:30 PM GMT, shortly followed by a speech by head of US Fed at 3:00 PM GMT.
Trend : Bearish Sideways
Key levels to watch : Daily Pp 1.2512
Resistance levels : R1 1.2547, R2 1.2594, R3 1.2648
Support levels : S1 1.2479, S2 1.2426, S3 1.2376
Remark : The market remains bearish due to current strong US Dollar, but look forward for US data and Yellen Speech today as they have a huge impact on US index levels.
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