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19 May 2015
GBP/USD stabilizes around 1.5500
FXStreet (Córdoba) - Cable is about to end Tuesday with a decline of 150 pips, the worst day since May 1 and the third daily loss in a row as it continues to retreat from 5-month highs.
GBP/USD affected by CPI and a strong USD
On European hours the pair weakened after the inflation report from the United Kingdom that showed a decline in the annual CPI rate from 0.0% to -0.1% in April, the lowest reading since 1960. All inflation measures were below expectations and triggered a slide of the pound in the market.
After inflation numbers, GBP/USD dropped to 1.5600 and then accelerated below as the US dollar rallied across the board. Finally the pair found support at 1.5440/50, after hitting a 8-day low and bounced, trimming losses.
The recovery lost strength around 1.5530 and during the last hours cable remained steady hovering around 1.5500, ahead of the release on Wednesday of Bank of England and Federal Reserve minutes.
GBP/USD affected by CPI and a strong USD
On European hours the pair weakened after the inflation report from the United Kingdom that showed a decline in the annual CPI rate from 0.0% to -0.1% in April, the lowest reading since 1960. All inflation measures were below expectations and triggered a slide of the pound in the market.
After inflation numbers, GBP/USD dropped to 1.5600 and then accelerated below as the US dollar rallied across the board. Finally the pair found support at 1.5440/50, after hitting a 8-day low and bounced, trimming losses.
The recovery lost strength around 1.5530 and during the last hours cable remained steady hovering around 1.5500, ahead of the release on Wednesday of Bank of England and Federal Reserve minutes.