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13 Apr 2015
GBP/USD falls to fresh five year low
FXStreet (Mumbai) - The market continues to sell British Pounds at the onset of the first trading session of the week, thereby pushing the GBP/USD pair down to 1.4573 levels, its fresh five year low.
Pound gets Pounded ahead of inflation figures
The offered tone persists ahead of the UK inflation figures due for release on Tuesday. As per experts, given that CPI had fallen to zero in February, there is some risk that it falls into negative territory. Since, we do not have major macroeconomic releases today, the markets are likely to remain focused on the monthly UK inflation figures due tomorrow.
The pair had dipped to 1.4585 on Friday, before a minor short covering ahead of the weekend, ensured weekly close above 1.46. The pair clocked a high of 1.4648 earlier today before moving southwards.
GBP/USD Technical Levels
The immediate support is seen at 1.4550, under which losses could be extended to 1.45 levels. On the flip side, a rise above 1.4633 could see the pair re-test 1.4661.
Pound gets Pounded ahead of inflation figures
The offered tone persists ahead of the UK inflation figures due for release on Tuesday. As per experts, given that CPI had fallen to zero in February, there is some risk that it falls into negative territory. Since, we do not have major macroeconomic releases today, the markets are likely to remain focused on the monthly UK inflation figures due tomorrow.
The pair had dipped to 1.4585 on Friday, before a minor short covering ahead of the weekend, ensured weekly close above 1.46. The pair clocked a high of 1.4648 earlier today before moving southwards.
GBP/USD Technical Levels
The immediate support is seen at 1.4550, under which losses could be extended to 1.45 levels. On the flip side, a rise above 1.4633 could see the pair re-test 1.4661.