The Pound is under pressure. Inflation data in the UK

The British pound fell sharply against the US dollar after the publication of weak inflation data in the UK.

• According to published data, the consumer price index in February rose by 0.4%, which is below the forecast of analysts at 0.6%. On an annualized basis, the growth slowed to 2.7%, against the previous value of 3.0%.
• The consumer price index in annual terms was 2.4%, against the previous value of 2.7%.
• The index of retail prices in February rose by 0.8%, against the January decline of -0.8%. On an annualized basis, the growth slowed to 3.6%, against the previous value of 4.0%.

Technical Analysis: After yesterday’s growth, the GBP/USD pair on the H1 chart shows a lateral movement with resistance at 1.4064 and support at 1.4015. In case that the instrument price continues to decline and consolidates below 1.4015, one should expect the price to fall further to 1.3970, 1.3930. In case of price increase and consolidation above 1.4064, one should expect further growth to the level of 1.4110,1.4140.

Fig. GBP/USD. The current price is $ 1.4038.

Alexander Sivtsov