The Pound advanced against its major counterparts in Tuesdays
2018-02-13 12:05 pm | Resource: NEWS | No Views : 135
The British pound rose against its major counterparts in the European session on Tuesday, as UK inflation improved more than expected in January, bolstering expectations for a BoE rate hike in May, and the National Bureau of Statistics data showed inflation hit 3 percent In January, compared with 2.9 percent reported by economists, and the rate did not change from the previous month.
Core inflation, which excludes energy, food, alcohol and tobacco, rose by 2.7% to 2.5%. The rate was also above expectations of 2.6%. On a monthly basis, consumer prices fell 0.5% from expectations of a 0.6% decline. Separate data that inflation in British home prices slightly accelerated in December, after falling the previous month.
The housing price index rose 5.2% year-on-year in December, faster than the 5.0% increase in November, which was revised from 5.1% earlier, and the pound fell against its main rivals in the Asian session, excluding the US dollar.
The British pound rose to a 4-day high of 1.3913 against the US dollar, from a low of 1.3832 at 8:15 pm EDT. The Pound is ready to challenge the resistance around 1.43, and after hitting a 4-day low against the Franc at 1.2937 at 3:00 am GMT, the Sterling declined to 1.3012, and the next major resistance is likely to show around the 1.32 area.
After falling to a 6-day low of 0.8897 against the euro at 2:00 am GMT, the pound rebounded at 0.8858, and if the pound rises, 0.86 is the next resistance level, and the pound regained some of its losses against the yen as the pair traded at 149.65. Earlier, the pound traded a 4-day low of 148.98 against the Japanese currency. On the upside, 153.00 may be seen as the next resistance to the pound.
Time frame Used - four hours The USDJPY is moving in a bullish direction in the near term The purchasing power managed to control the movement of the USD/JPY pair to reach the resistance level of 112.73 where it faces selling pressure around this level, but looking at the chart, we find that the USD/JPY pair forming a technical pattern called inverted head and shoulders Therefore, we expect that the…
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