GBP/USD holds steady below 1.2900 handle, moves little after UK CPI
| • UK headline CPI fall 0.8% m/m; yearly rate eases to 1.8%.
• Mostly in-line core reading helped limit deeper losses.
The GBP/USD pair extended its intraday retracement slide and slipped further below the 1.2900 handle post-UK inflation figures, albeit lacked strong follow-through.
The pair failed to capitalize on the early uptick and started retreating from a session high level of 1.2923 amid some renewed US Dollar buying interest. The British Pound lost some additional ground following the release of dismal UK data, showing that the headline CPI declined 0.8% m/m in January.
Adding to this, the yearly rate also fell short of expectations and eased to 1.8% y/y during the reported period. Meanwhile, the core reading held steady at 1.9% y/y rate and seemed to be the only factor that helped limit deeper losses, at least for the time being.
Moreover, investors also seemed reluctant to place any aggressive bets and preferred to wait for fresh Brexit updates from the upcoming parliament debate, scheduled to take place on Thursday - February 14.
Technical levels to watch
GBP/USD
Overview:
Today Last Price: 1.2889
Today Daily change: -0.0007 pips
Today Daily change %: -0.05%
Today Daily Open: 1.2896
Trends:
Daily SMA20: 1.3002
Daily SMA50: 1.2819
Daily SMA100: 1.2885
Daily SMA200: 1.3017
Levels:
Previous Daily High: 1.291
Previous Daily Low: 1.2833
Previous Weekly High: 1.3103
Previous Weekly Low: 1.2854
Previous Monthly High: 1.3214
Previous Monthly Low: 1.2438
Daily Fibonacci 38.2%: 1.288
Daily Fibonacci 61.8%: 1.2862
Daily Pivot Point S1: 1.2849
Daily Pivot Point S2: 1.2802
Daily Pivot Point S3: 1.2771
Daily Pivot Point R1: 1.2926
Daily Pivot Point R2: 1.2957
Daily Pivot Point R3: 1.3003
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.