5 Jun 2015
GBP/USD extends losses after UK inflation expectations data
FXStreet (Mumbai) - The British Pound found no respite from the uptick in the UK inflation expectations, as the GBP/USD> pair extended losses to hit a fresh session low of 1.5303.
Pound fails to rise on uptick in inflation and rate expectations
The latest Bank of England (BOE) survey released on Friday showed inflation expectations for 12-months ahead ticked higher to 2.2% from 1.9% seen in Feb survey. Inflation expectations for 2-years ahead also rose to 2.3% from 2.1%. Meanwhile, interest rate expectations rose to 33 from 28.
However, the GBP/USD pair extended losses from 1.5320 to 1.5303 levels. Investors now await the US monthly non-farm payrolls data, which could provide clues regarding the timing of interest rate hike in the US.
GBP/USD Technical Levels
The pair currently trades at 1.5305. The immediate support is seen at 1.53, under which the pair could drop to 1.5259 (50-DMA). On the flip side, a break above 1.5336 (38.2% Fib R of 1.4564-1.5813) could push the pair higher to 1.5371 (200-DMA).
Pound fails to rise on uptick in inflation and rate expectations
The latest Bank of England (BOE) survey released on Friday showed inflation expectations for 12-months ahead ticked higher to 2.2% from 1.9% seen in Feb survey. Inflation expectations for 2-years ahead also rose to 2.3% from 2.1%. Meanwhile, interest rate expectations rose to 33 from 28.
However, the GBP/USD pair extended losses from 1.5320 to 1.5303 levels. Investors now await the US monthly non-farm payrolls data, which could provide clues regarding the timing of interest rate hike in the US.
GBP/USD Technical Levels
The pair currently trades at 1.5305. The immediate support is seen at 1.53, under which the pair could drop to 1.5259 (50-DMA). On the flip side, a break above 1.5336 (38.2% Fib R of 1.4564-1.5813) could push the pair higher to 1.5371 (200-DMA).