GBP/USD tumbles to daily lows near 1.2950 on CPI

Cable loses further momentum and drops to 1.2950.
UK CPI rose less than expected during October.
Brexit negotiations and May’s meeting with her Cabinet in the limelight.

Pablo Piovano FXStreet

GBP/USD is now facing some selling pressure and drops to fresh daily lows in the mid-1.2900s.

GBP/USD offered post-CPI, looks to Brexit

After climbing to fresh tops in the vicinity of 1.3050 on Tuesday, Cable came under some downside pressure helped by Brexit jitters and softer-than-expected inflation figures during last month.

In fact, UK consumer prices rose at a monthly 0.1% in October and 2.4% on a year earlier, while Core prices gained 1.9% YoY, matching previous estimates.

In the meantime, GBP will remain focused on the upcoming meeting between PM Theresa May and her Cabinet on the draft deal withdrawal before its discussion in the House of Commons (expected on December 10).

GBP/USD levels to consider

As of writing, the pair is losing 0.09% at 1.2966 and a breakdown of 1.2827 (low Nov.12) would open the door to 1.2696 (low Oct.30) and finally 1.2662 (2018 low Aug.15). On the upside, the next hurdle is located at 1.3047 (high Nov.13) seconded by 1.3176 (high Nov.7) and then 1.3259 (high Oct.12).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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