British Pound recently recovered a few pips and traded above the 1.4220 resistance area against the US Dollar.
The pair is currently trading near a support trend line on the hourly chart, which may play a crucial role moving ahead.
In the UK, the RICS Housing Price Balance survey released by the Royal Institution of Chartered Surveyors came in at 50%, compared with the forecast of 51%.
In China, the Consumer Price Index is released by the National Bureau of Statistics of China posted a rise of 1.6%, compared with forecast of 1.1%.
GBPUSD Technical Analysis
The British pound managed to gain traction recently, as the GBPUSD pair traded as high as 1.4282. It is now correcting lower, but trading near a support trend line on the hourly chart, which may act as a hurdle for the bears.However, if sellers manage to take the pair below the trend line and support area, then there is a chance of a move back towards the 1.4120 level.The GBPUSD pair is also testing the 100 hourly simple moving average that may act as a pivot in the short term.
UK RICS Housing Price Balance
Today, the RICS Housing Price Balance survey that presents housing costs in the UK was released by the Royal Institution of Chartered Surveyors. The outcome was mixed, as it came in at 50%, which was a point lower compared with the forecast of 51%.The report added that the “survey showed that house prices continued to creep up throughout February. Across the UK, East Anglia continues to show the sharpest price increases, with 91% of respondents reporting that prices had risen over the past month”.
Chinese CPI
The Chinese Consumer Price Index, which is a measure of retail price variations within a representative basket of goods and services was released by the National Bureau of Statistics of China. The forecast was slated for a rise of 1.1% in Feb 2016, compared with the previous month. The result was above the forecast, as the Chinese Consumer Price Index rose 1.6% in Feb 2016.In terms of the yearly change, the Chinese Consumer Price Index rose 2.3% in Feb 2016, which was more than the forecast of 1.9%.Overall, the risk sentiment may get a boost after the Chinese Consumer Price Index release.
However, if sellers manage to take the pair below the trend line and support area, then there is a chance of a move back towards the 1.4120 level.The GBPUSD pair is also testing the 100 hourly simple moving average that may act as a pivot in the short term.