The pound weakened broadly on Tuesday after data showed that U.K. inflation turned negative again in September, while the Australian and New Zealand dollars also fell after weak trade data out of China. GBP/USD was down 0.66% to 1.5258 after hitting three-week highs of 1.5388 earlier in the session.The drop in sterling came after the Office for National Statistics reported that the consumer price index fell by 0.1% in September from a year earlier, after a flat reading in August.The weak inflation data dampened expectations for higher interest rates from the Bank of England.The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was near three-week lows at 94.81.Investors were looking to U.S. economic reports on retail sales and inflation later in the week for further indications on the possible direction of monetary policy.
RECOMMENDATION :
BUY GBP/USD ABOVE 1.5270 TARGET 1.5290 1.5330 SL 1.5240
SELL GBP/USD BELOW 1.5210 TARGET 1.5190 1.5160 SL 1.5240
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