Should the pair climb higher along with investor's appetite for risk in the hours ahead, Valeria Bednarik, Chief Analyst at FXstreet.com identifies resistance levels at 1.5970, 1.6015 and 1.6060, and, support at 1.5920, 1.5880 and 1.5840. "The 1.6000 area has proven to be quite strong this year, keeping the upside limited, with a yearly high set at 1.6061, tops in case of a strong break of 1.5970 Tuesday high," says the analyst.
GBP/USD Fundamental Analysis April 18, 2012
The pace of inflation in Great Britain accelerated to 3.5% in March from 3.4% the previous month, the U.K. Office for National Statistics reported. On a monthly basis, inflation rose 0.3%. Economists had forecast a 0.3% monthly rise on the basis of higher energy costs.
Although U.S. builders start work on new homes at a sharply slower March pace, construction permits jump to their highest level in 3 1/2 years, data showed. Builders began construction on new U.S. homes at a slower pace in March, but permits jumped to the highest level since September 2008, the Commerce Department reported Tuesday. Housing starts fell 5.8% last month to an annual rate of 654,000.
Industrial production was unchanged for the second month running in March, the Federal Reserve said. Economists had forecast a 0.3% gain. While utilities output gained 1.5%, manufacturing output slipped 0.2%
The surprise today, came from the White House, the Obama administration proposed new measures Tuesday to limit speculation in the oil markets, seeking to draw a contrast with Republicans who have been calling for more domestic drilling during a time of near record gasoline prices.
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