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Forex: GBP/USD unchanged ahead of UK data

By FXstreet.com,  October 16, 2012, 12:40:00 AM EDT

FXstreet.com (San Francisco) - Little of interest is happening for the GBP/USD pair as it remains in consolidation mode around the 1.6070 mark in late Asia. Investors are waiting on the sidelines ahead of key inflation data out of the UK.

"Having spent most of the past session holding right above the [1.6065] level, chances are of some follow trough if price manages to stand above 1.6060 intraday support and stocks continue on their positive mood," says Valeria Bednarik, Chief Analyst at FXstreet.com in a research note.

The analyst also observes strong support around 1.6030: "once below bears will likely take over, looking then for a retest of the 1.5970 price zone," comments Ms. Bednarik.

In the UK, producer prices and consumer prices for September are on offer today at 08:30 GMT. As Rabobank international explains it, "The CPI will get most attention, but with an expected reading of 2.2% YoY … this won't generate too much interest as it sends a neutral message on prospective BoE policy thinking."

Tomorrow (Wednesday), market participants will look to the Bank of England minutes release for hints about the Bank's outlook on monetary policy. The BoE is nearly complete with its most recent round of easing.




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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