The British currency is traded profitably on Tuesday, investors buy pounds, despite the statistics.
Quite weak statistics from the UK have been published. The consumer price index for April showed a growth by only 0.3%, which is worse than was expected. In April, core inflation of the country increased by 1.2% while was expected by 1.4%. Producer Price Index fell by 0.7%. Reduction is the weakest of the year and a half of the market participants perceive it as a signal to the inflation’s intensive growth. The data turned out to be very mixed up, but investors reacted calmly to it.
GBP/USD technical analysis and forecast on May 18
The pound showed growth that was expected in the forecast GBP / USD for today. The RSI on the four-hour chart aims to test the resistance level that may allow sterling to gain a foothold above the 1.4500 area. The GBP / USD forex forecast suggests the pound rate growth after the retest of the breached upper limit of the downward channel.
