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GBP/USD Stays in Highs Near 1.39 Post-CPI
Tuesday, 13 February 2018 17:24 WIB | CURRENCIES |GBP/USD

The buying interest around the Sterling has picked up further pace today, taking GBP/USD to print fresh daily highs around the 1.3900 handle.

Cable gained extra upside momentum today after UK™s inflation figures showed consumer prices rose at an annualized 3.0% in January (vs. 2.9% expected) and contracted less than initially estimated 0.5% inter-month.

Further data saw consumer prices stripping food and energy costs advancing 2.7% on a yearly basis, also coming in above forecasts.

In the meantime, spot is up for the second session in a row, extending the bounce off last week™s lows in sub-1.3800 levels, or multi-week lows. Despite GBP quickly faded the post-BoE spike to the vicinity of the 1.4100 handle last Thursday, investors continue to adjust their expectations of a probable rate hike by the BoE at the May meeting.

On the positioning front, GBP net longs dropped to 3-week lows in the week to February 6, according to the latest CFTC report.

Source : FX Street

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