GBP USD analysis: Pound advances ahead of U.S. CPI report

ForexNewsNow | Published on September 17, 2010 at 2:34 am

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GBP USD analysis - a pile of poundsNEW YORK (Forex News Now) – Sterling rebounded against the dollar on Friday, touching a 1-month high, as FX traders awaited key reports from the United States on consumer price inflation and consumer sentiment.

In European morning currency market trading, GBP/USD hit 1.5729, its highest since Aug. 11. Cable later retreated slightly to trade at 1.5702, up 0.5 percent on the day.

The U.S. Bureau of Labor Statistics was later due to publish its consumer price index for August, which was expected to rise 0.1 percent. The University of Michigan, meanwhile, was also scheduled to release its closely watched monthly survey of U.S. consumer morale.

According to GBP USD analysis, cable was likely to touch support around the low of Sept. 7, 1.5297, and encounter resistance around Tuesday’s high, 1.5587.

The dollar’s losses also came amid more talk of quantitative easing, Reuters quoted an FX trader as saying.

Elsewhere, the pound rose slightly versus the euro: EUR/GBP traded at 0.8365, down 0.06 percent, according to intraday analysis.

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