U.K. CPI & Core CPI Data
U.K. will publish Inflation data around 0700 GMT/1230 IST. Consumer prices account for a majority of overall inflation. Inflation is important to currency valuation because rising prices lead the central bank to raise interest rates out of respect for their inflation containment mandate. If actual reading comes higher than expected, it will be good for GBP.
Let’s see how GBP has reacted during the previous data release.
GBP/USD: The sterling strengthens sharply and remains well supported above $1.3450 mark. Today pair made intraday high at $1.3470 and low at $1.3434 mark. A sustained close above $1.3451 will drag the parity up towards $1.3478, $1.3498, $1.3525, $1.3548 and $1.3582 mark respectively. Key support levels are seen at $1.3375, $1.3322, $1.3290, $1.3263, $1.3222 and $1.3170 marks respectively.
Take a look and do trade wisely!