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Forex pairs in this Article » EUR/USD, GBP/USD (Barcelona) - Having climbed throughout the overnight session to post a morning high at 1.6335, GBP/USD has declined in the immediate aftermath of UK CPI data.

GBP/USD tests daily low following inflation miss

UK CPI data has registered at 0.1% MoM against expectations of 0.2%, and 2.1% YoY missing forecasts of 2.2%. The Core YoY reading came in at 1.8% against 0.9% previous. Elsewhere, the DCLG House Price Index bettered 4.2% forecasts at 5.5%. PPI Input MoM missed, alongside PPI Core Output MoM and YoY, PPI Output MoM and YoY and RPI YoY. RPI MoM registered in line with expectations at 0.1%, while PPI Input YoY beat forecasts at -1.00%/-1.15%. The data indicates that the UK is following the global trend of lower prices. GBP/USD is presently trading at 1.6305, finding near term support at the hourly 50 SMA.

What are today’s key GBP/USD technicals?

Hourly RSI sits at 44 and moving lower while ADX is at 11. The hourly 200 SMA sits at 1.6363 and is sloping lower while the daily 20 EMA is neutral at 1.6294. The daily pivot point sits at 1.6315, with resistance above at 1.6341 (R1), 1.6377 (R2) and 1.6403 (R3), and support below at 1.6279 (S1), 1.6253 (S2) and 1.6217 (S3).
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