Pound To Dollar Exchange Rate Ticks Higher As UK Inflation Beats Forecasts

exchangerates-The Pound US Dollar (GBP USD) exchange rate edged lower last week as ‘hard Brexit’ concerns took hold of GBP movement while the Dollar rallied on Fed rate hike bets. Pound To Dollar Exchange Rate
The Pound to Dollar exchange rate today (18/10/16): +0.18% at 1.22433.
The Dollar to Pound Sterling exchange rate today: -0.18pct at 0.8167.
British Pound FX Forecast: GBP/USD to face further FED-induced volatility.
Lloyds predictions suggest possible move lower towards 1.1865.
UK Inflation beats forecasts at 1%, compered to estimates 0.9%
GBP/USD is seen marginally higher after data showed the UK Inflation had risen to 1%, compared to the estimates 0.9%.   The sterling-dollar rate continued to trend flatly near Monday’s lows throughout the afternoon as the day’s US data failed to influence USD movement considerably. “Sterling has been confined to its narrowest intraday range in a while but that does little or nothing to alleviate what remains a very bearish technical set up from our perspective” notes Shaun Osborne of Scotiabank. “Cable is consolidating the sharp “flash crash” losses from earlier in the month but the fact that the market has not been able to recover more obviously leaves the GBP vulnerable to a renewed test of the 1.18 area (see middle chart). Trend momentum is bearish across a range of timeframes. We spot intraday support at 1.2155 and firm resistance at 1.2255/65.”   Empire’s October manufacturing score unexpectedly plunged to -6.8, but a September manufacturing production report improved from -0.5% to 0.2%. Industrial production improved from -0.5% to 0.2% in September as expected. GBP/USD lost around two cents in value last week, tumbling from the week’s opening level of 1.2435 and eventually fluctuating near the key level of 1.22. The pair briefly hit a new 31-year-low of 1.2109 on Tuesday night, but was able to hold above those lows for the remainder of the week.

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