Latest Posts

Featured Image

EUR/USD: There is possible profit fixing at the end of the week

Team FX Trading Revolution | May 25, 2018

Featured Image

Trade idea: EURUSD Bullish Bat - Prepare to buy

Team FX Trading Revolution | May 25, 2018

Featured Image

FOREX HFT Signals Forecast: EURUSD 05/25/2018

Team FX Trading Revolution | May 25, 2018

Featured Image

FOREX HFT Signals Forecast: GBPUSD 05/25/2018

Team FX Trading Revolution | May 25, 2018

Featured Image

FOREX HFT Signals Forecast: USDJPY 05/25/2018

Team FX Trading Revolution | May 25, 2018

Featured Image

Trade idea: AUDUSD - Bullish after completing an inverted Head & Shoulders!

Team FX Trading Revolution | May 24, 2018

Featured Image

Euro Regains Some Traction with Reduced US Bond Yields

Team FX Trading Revolution | May 24, 2018

Featured Image

GBP/USD: Trading Scenarios_05/24/2018

Team FX Trading Revolution | May 24, 2018

Featured Image

EUR/USD: European economic growth slows down

Team FX Trading Revolution | May 24, 2018

Featured Image

FOREX HFT Signals Forecast: EURUSD 05/24/2018

Team FX Trading Revolution | May 24, 2018

Higher Than Expected Inflation Gives Sterling a Push

02/13/2018
at 4:19 PM

The British Pound Sterling gained strength over its US counterpart in early trading on Tuesday morning following the release of UK inflation figures for January. The reports indicate that inflation was higher than expected for the month of January. In fact, the figures indicate that inflation had almost reached a 6-year high. This has bolstered investor confidence regarding a possible interest rate hike as early as May.

Analysts had projected inflation for January to be around 2.9%. However, at the end of the month, inflation had reached 3%, surpassing original expectations. The GBPUSD currency pair was up 0.47% to reach 1.3900 by 10:40 am EST on Tuesday morning. This was achieved after having had a previous daily trading range of between 1.3833 and 1.3923.

As at the time of publication, strong levels of support exist at the 1.3875, 1.3840 and 1.3800 levels. On the other hand, strong resistance can be expected at 1.3920, 1.3950 and at 1.3990. For January, producer prices in the UK were down as well as retail prices which fell by 0.8%. These served to temper the higher than expected 3% Consumer Price Index (CPI).