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Mar 19 - 08:55 AM

GBP/USD - Falls To Two-Week Low Before UK CPI Data Wednesday

By Rob Howard  —  Mar 19 - 06:40 AM
  • Cable drops to 1.2668 as USD/JPY outperforms on BoJ's relatively dovish hike

  • 1.2668 is lowest level since March 4 (1.2656 was low that day)

  • UK Feb inflation data due on Wednesday at 0700 GMT; CPI forecast at 3.5% YY

  • Cooler than expected CPI would be boost for doves advocating Q2 BoE rate cut

  • Sub-f/c CPI might also depress GBP/USD further towards 1.2600 (March 1 low)

  • 1.2700 (ex-support point) and 1.2718 (Monday low) are now resistance levels

Source:
Refinitiv IFR Research/Market Commentary

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