Pound Sterling Price News and Forecast: GBP/USD bears are in control and taking out structures along the way
|GBP/USD Price Analysis: Bears eye a discount for a test of 1.2300
GBP/USD is currently trading at 1.2310 and is around flat for the day ahead of the Federal Reserve and the Bank of England the following day where both events are expected to see the central banks hike their interest rates.
Meanwhile, from a technical standpoint, GBP/USD is on the back foot and has made a series of lower closes over the past few days, topping out from the 1.2440s made mid-January. As it breaks down various lower time frame structures and swing-lows, the bias remains in the hands of the bears for the foreseeable future as the following will illustrate. Read more...
GBP/USD: Downbeat UK inflation expectations, housing data supersede Brexit news above 1.2300, Fed eyed
GBP/USD fails to cheer the US Dollar weakness much as Cable’s recovery from the weekly low fades around 1.2320 during early Wednesday. In doing so, the quote seems to justify the downbeat catalysts at home, mainly relating to inflation and housing markets.
That said, a monthly survey conducted by Citi and YouGov showed on Tuesday that the 12 months ahead UK public inflation expectations declined to 5.4% in January from 5.7% in the previous survey. This was the second straight decline in the UK public's inflation expectations. Following the data, Reuters reports, citing the survey that the declining trend in the UK public inflation expectations should further comfort to the Bank of England that high prices will not become permanently embedded in expectations. Read more...
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