GBP/USD is firming from near two-month lows. Overhead resistance has a confluence with a 50% mean reversion target. At the time of writing, GBP/USD is 0.1%, currently trading at 1.3748 having travelled between a low of 1.3694 and a high of 1.3768. GBP/USD was lower by 1% last week as Britain proposed to use alternatives to the Oxford-AstraZeneca COVID-19 vaccine to inoculate people aged under 30. At the start of the week, sterling has stayed near to a two-month low against the US dollar following the first round of key US data for the week. The Consumer Price Index jumped 0.6% last month, the largest gain since August 2012, after rising 0.4% in February, the Labor Department said on Tuesday. Excluding the volatile food and energy components, the CPI rose 0.3%. The so-called core CPI nudged up 0.1% in February. The dollar was firm on the release but then dumped to three-week lows as it was soon realised that it was immaterial with respect to the Federal Reserve’s commitment to keeping interest rates at rock-bottom levels for years to come. US Treasury yields also fell after the data. The next major US economic release will be the Retail Sales data for March on Thursday. Meanwhile, the pound has been trading heavy since the Bank of England said its chief economist Haldane, one of the more hawkish figures, will leave the central bank later this year. Haldane has been the most upbeat member of the BoE’s Monetary Policy Committee on prospects for a sharp economic recovery from the COVID-19 pandemic and in February likened inflation to a tiger that could easily be roused. Interest rate futures were still showing that there are expectations that the BoE will keep rates unchanged until mid-2022. GBP/USD technical analysis The price has been rejected at the daily support and could be on the verge of a test the prior lows that would be expected to act as resistance in a 50% mean reversion of the latest bearish impulse. A failure there would be presumed to lead to a downside extension to a deeper layer of support. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next XAG/USD is in the hands of the bulls, breaking 4-hour resistance FX Street 2 years GBP/USD is firming from near two-month lows. Overhead resistance has a confluence with a 50% mean reversion target. At the time of writing, GBP/USD is 0.1%, currently trading at 1.3748 having travelled between a low of 1.3694 and a high of 1.3768. GBP/USD was lower by 1% last week as Britain proposed to use alternatives to the Oxford-AstraZeneca COVID-19 vaccine to inoculate people aged under 30. At the start of the week, sterling has stayed near to a two-month low against the US dollar following the first round of key US data for the week. The Consumer Price Index… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
