Forex: GBP/USD trimming gains around 1.4920

The sterling is correcting lower from session highs above 1.4980, as better-than-expected US retail sales during February added buying pressure to the greenback, dragging the cross to the area around 1.4930

“Inflation expectations for the UK - as implied by the 10Y spread between tips and nominal yields - highlight a challenge for policymakers as they seek to provide accommodation in an environment of stagnant growth”, pointed E.Theoret, Analyst at Scotiabank.

The cross is now up 0.15% at 1.4921 with the next resistance at 1.5047 (high Mar.8) followed by 1.5063 (MA10d) and then 1.5083 (high Mar.7).
On the flip side, a breakdown of 1.4803 (low Jun.23 2010) aims for 1.4798 (Lower Bollinger) and finally 1.4688 (low Jun.22 2010).