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Forex: GBP/USD falls from 1.6095 after UK inflation

By FXstreet.com,  January 15, 2013, 04:43:00 AM EDT

FXstreet.com (Barcelona) - Expectations over UK prices data in December brought the GBP/USD up to 1.6095 high before tumbling 20 pips on the release, as investors followed the traditional "buy ahead, sell the news" behavior.

The actual CPI inflation report came in as expected at 2.7% (YoY) and 0.5% (MoM), whlie the Core figure declined from 2.6% to 2.4%. Both PPI input and output contracted unexpectedly, by -0.2% and -0.1%, respectively. The annualized Retail Prices Index rose from 3% to 3.1%. DCLG House Price Index improved from 1.5% to 2.1% (YoY) in November.

"Negative hourly studies and 4h indicators sliding below the midlines, keep the downside vulnerable, with immediate support at 1.6030, ahead of very strong support zone at 1.6000/1.5991, loss of which would trigger fresh leg lower and expose 1.5960 and 1.5900", wrote Windsor Brokers analyst Slobodan Drvenica, pointing out that a bounce above 1.6200 would avert immediate downside risk.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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