GBP fell as reports suggest consumer prices have risen at a slower pace than forecast last month at 0.3%, worse than the predicted 0.5%, causing CPI to be lower than expected at 0.4% m/m compared to the fore casted 0.6% m/m and it is likely to put renewed expectations of further rate cuts from the BOE . The pound fell to record lows against the Euro and to six week lows against the dollar. Looking ahead are the ILO Unemployment Rate with the forecasts of no change from the current 5.2%.
TECHNICAL FOR THE DAY
Pound chart pattern indicates downtrend for the day with trading range expected between 1.9540-1.9670.currency has a good support at 1.9530 levels and 1.9670 holds as a key resistance level. Stochastic and Relative market strength index is giving clues for the currency to have a down trend for the day .It is also seen trading well below the moving averages.
Pound chart pattern indicates downtrend for the day with trading range expected between 1.9540-1.9670.currency has a good support at 1.9530 levels and 1.9670 holds as a key resistance level. Stochastic and Relative market strength index is giving clues for the currency to have a down trend for the day .It is also seen trading well below the moving averages.
No comments:
Post a Comment