FXStreet (Edinburgh) – The pound is following the broader trend in the risk-associated universe on Monday, pushing GBP/USD to a test of the 1.5500 key support.
GBP/USD attention to UK’s CPI
The pair continues to retrace the recent spike to the 1.5600 neighbourhood posted on Friday following the exaggerated optimism around a potential EU-Greece deal. Spot started the week on a negative tone in response to the collapse in the Greek debt talks over the weekend, where negotiators failed to reach common ground once again.
The pair will remain under pressure ahead in the week, in light of the critical inflation figures due in the UK economy tomorrow. Prior surveys see consumer prices advancing 0.1% on a year to May, and 0.1% on a monthly basis.
GBP/USD levels to consider
The pair is now retreating 0.43% at 1.5495 with the immediate support at 1.5468 (low Jun.12) ahead of 1.5432 (21-d MA) and finally 1.5421 (low Jun.11). On the flip side, a breakout of 1.5598 (high Jun.12) would open the door to 1.5663 (76.4% of 1.5815-1.5170) and then 1.5700 (high May 21).
(Market News Provided by FXstreet)