GBP/USD tumbles to lows near 1.3070 on UK CPI

UK’s inflation figures surprised to the downside.
Cable broke below 1.3100 in the wake of data.
Focus on Carney’s speech at ECB policy panel.

Pablo Piovano FXStreet

The Sterling is testing daily lows vs. the greenback on Tuesday, dragging GBP/USD to the vicinity of 1.3070 following the publication of October’s inflation figures.

GBP/USD offered on data

Cable met fresh sellers after UK’s inflation figures missed expectations in October. In fact, consumer prices rose at a monthly 0.1% (vs. 0.2% expected) and 3.0% over the last twelve months (vs. 3.1% forecasted).

In addition, prices stripping food and energy prices also followed suit, rising 0.1% inter-months (vs. 0.2% estimated) and 2.7% on a yearly basis (vs. 2.8% from prior surveys).

Spot dropped to the area of 1.3070, re-testing at the same time yesterday’s lows and the key 3-month support line off August’s low.

GBP should stay under pressure in light of Governor M.Carney’s speech at the ECB policy panel, with Chief Yellen, Kuroda and Draghi.

GBP/USD levels to consider

As of writing the pair is losing 0.18% at 1.3091 facing the immediate support at 1.3062 (low Nov.13) seconded by 1.3039 (low Nov.3) and finally 1.2878 (200-day sma). On the upside, a breakout of 1.3139 (10-day sma) would expose 1.3167 (21-day sma) and then 1.3222 (resistance line).

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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