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GBP/USD – UK CPI data could be ignored

FX:GBPUSD   BRITISH POUND / U.S. DOLLAR
UK data calendar boasts of monthly CPI             release. The annualized figure is seen rising 0.4% y/y and 0.3% m/m. Core is seen rising 1.3% y/y. However, the improvement in the CPI             release could be ignored as Cable is at the mercy of Brexit polls.

Four polls released yesterday put UK on course of Brexit. The biggest blow was delivered by the Sun; UK’s highest selling newspaper, after it backed Brexit and published a front page support - Outside the EU we can become richer, safer and free at long last to forge our own destiny -- as America, Canada, Australia, New Zealand and many other great democracies already do,” the newspaper said. “If we stay, Britain will be engulfed in a few short years by this relentlessly expanding ­German dominated federal state.

Brexit fears are likely to dominate the market sentiment and keep Sterling under pressure, although polls by themselves are volatile and tend to switch sides every other day.

Resistance – 1.4252, 1.43, 1.4330

Support – 1.4115, 1.4079, 1.4005

  • Cable’s failure to dip below previous day’s low of 1.4115 would open doors for a snap back to 1.42-1.4266 levels, given the pair formed Doji candle on the daily charts yesterday.
  • On the other hand, an hourly closing below 1.4115 would shift risk in favor of a drop to 1.4079-1.40 levels.
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