GBP/USD
The Consumer Prices Index (CPI) was unchanged in the year to March 2015, that is, a 12-month rate of 0.0%, the same rate as in the year to February 2015. Falls in clothing and gas prices produced the largest downward contributions to changes in the inflation rate. CPI data stagnant at zero mark ahead of the UK elections. Total PPI input prices rose 0.3% between February and March 2015, compared with a rise of 0.1% between January and February 2015. Today it's a quiet day for the UK and today's trade depends on the US industrial production, housing market index, and empire state manufacturing index. These US macroeconomic data has been printing negative readings for several months. In case the same repeats at today's session, the British pound can go further towards 1.4800 and 1.4840.
At yesterday's session, the cable gained more than 100 pips. It gained 180 pips in 2 days. The US retail sales changed the direction of the cable towards 1.4800.00.The cable moved lower after it made a double top formation at 1.4802 in the four-hour chart. The cable has intraday support found between 1.4750 and 1.4740. The hourly moving averages favor buyers. Today's US data will decide the trend. We recommend selling below 1.4730 with targets at 1.4700, 1.4680, 1.4660, and 1.4610 for an intraday session. In case US data produce negative readings again, the cable can extend its bounce towards 1.4820 and 1.4880. On the higher side, we recommend buying above 1.4825 with targets at 1.4880 and 1.4900.
Trade: Selling below 1.4730 buying above 1.4825
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The material has been provided by InstaForex Company - www.instaforex.com
