WorldWideMarkets Community

Forex Trading, Market News & Technical Analysis

Cable Fell to 1.5855 After Lower Than Expected U.K. CPI

Posted by Chris Advincula on Nov 12, 2013 6:29:00 AM
GBP.11.12 resized 600

LONDON – Cable started on a soft note in the morning session in Europe and shed its gains from 1.5975 to 1.5915 (-60 points) against the dollar prior to the release of the U.K. CPI at 9:30am GMT. The Inflation data came out weaker than expected with the Consumer Price Index rising at 2.2 percent in October against the median forecast of +2.5 percent, compared to +2.7 percent in the previous month. The core inflation slowed to 1.7 percent, the least since September 2009. Cable fell sharply by another 60 points to 1.5855 from 1.5915. The softer data reaffirms speculation of the Bank of England maintaining its ultra-loose monetary policy and 375 billion pound stimulus measures until at least unemployment falls to 7 percent.

Support levels:                1.5862 -14 DMA, 1.5844, 1.5776, 1.5686

Resistance levels:            1.5980, 1.5992, 1.6010, 1.6065

 

 

Chris Advincula

WorldWideMarkets, Ltd.

 

Tools & Educational Resources

Forex 101LEARN MORE >>
Learn the basics of Forex and how to practice trading the markets.

GlossaryLEARN MORE >>
Confused by the language? Click here and search for key trading terms.

FAQ CenterLEARN MORE >>
Browse our frequently asked questions and find your answers right away.

VideosLEARN MORE >>
Access to the educational lessons, webinars and platform walkthroughs.

READY TO TRY THE MARKETS?

Get started with a FREE $10,000 Demo Account and experience the Forex Market RISK FREE!