UK inflation Friday expanded at an annual pace of 0.6% in the third quarter of 2023 matching second quarter growth. Monthly this equates to 0.2% beating out expectations of 0.1% but the economy is stagnating. The British Pound (GBP) pushed higher into the weekly close to 0.4820 (2.0750) against the New Zealand Dollar (NZD). Monday prices have extended the decline moving to 0.4800 (2.0840) into Tuesday, equities were softer overnight. This week’s main attraction is UK CPI y/y expected to print considerably lower than last quarter’s 6.7% at 4.8%. If we see a print as predicted this could rally the GBP.
Current Level: 0.4788
Resistance: 0.4900
Support: 0.4715
Last Weeks Range: 0.4804 – 0.4850