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GBP/USD Recovers, Rallies close to 1.5000 Post U.K. Inflation Data

Posted by Chris Advincula on Mar 24, 2015 9:00:00 AM

Cable.3.24 resized 600Chart: WorldWideMarkets Alpha Trader

Cable initially fell to 1.4896 from 1.4945 (-49 pips) after the release of the soft annualized UK Feb CPI which was zero versus the +0.1% median forecast. Real money buying followed to take it back to 1.4950. (8:30 GMT).

However, cable reversed the small gains it made following the US Feb CPI data which rose +0.2% and +0.2% for the core which was overall within the market consensus.

There was good buying demand in the early NY session which pushed the rate higher to 1.4985. Now that the U.S. inflation data was out of the way, the dollar continued to trade lower on the broad weakness of the dollar stemming from lower US yields.

Euro-sterling made an impressive gain of +72 pips on the day to the high of 0.7375 from 0.7303. 

EURGBP.3.24 resized 600Chart: WorldWideMarkets Alpha Trader

Topics: GBPUSD, forex trading, European Session, Sterling Pound, Fundamental Analysis


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