Yesterday the UK Consumer Price Index came out exactly as anticipated, with a value of 2.7% and although this was initially perceived by the market as bearish, the sellers failed to capitalize on the momentum and they couldn’t continue the move.
Technical Outlook
Yesterday’s mixed movement doesn’t bring a lot of clues about future direction but a touch of 1.5850 support is very possible. The first resistance is represented by the minor level of 1.5960 but the pair will be highly influenced by the important fundamental events scheduled for the day.
Fundamental Outlook
At 08:30 am GMT the Bank of England will release the MPC Meeting Minutes containing the outcome of the members’ votes on the Asset Purchase Facility and on the Interest Rate. The vote details show us the stance of each MPC member and also show if the members are starting to change their opinions about these two important aspects of the UK monetary policy. The US events mentioned earlier will greatly affect the pair as well.
Written by: Bogdan Giulvezan
Technical Outlook
Yesterday’s mixed movement doesn’t bring a lot of clues about future direction but a touch of 1.5850 support is very possible. The first resistance is represented by the minor level of 1.5960 but the pair will be highly influenced by the important fundamental events scheduled for the day.
Fundamental Outlook
At 08:30 am GMT the Bank of England will release the MPC Meeting Minutes containing the outcome of the members’ votes on the Asset Purchase Facility and on the Interest Rate. The vote details show us the stance of each MPC member and also show if the members are starting to change their opinions about these two important aspects of the UK monetary policy. The US events mentioned earlier will greatly affect the pair as well.
Written by: Bogdan Giulvezan
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