GBPUSD Technical Update 13th May 2015 (7:36 pm)
Pair currently trading at 1.56453. We can see that the candle has turned red on this pair after the Bank of England released the quarterly inflation report (QIR) and it surprised the traders which led to a bearish follow through as traders sell the Pound.
The BOE revised lower the wage growth for the year 2015. It perceives CPI inflation as rising notably and is expected to hit the 2% target in quarter 2 2017. Although the short term outlook have been increased, the revision of medium term CPI didn’t bode too well with the pound traders.
Support can be seen at 1.1515 and we can see that the pair is turning lower and might hit the that support zone in 1 or 2 days.
To your trading success!