Pound Sterling Price News and Forecast: GBP/USD closes in on key support area ahead of US CPI
|GBP/USD Forecast: Pound Sterling closes in on key support area ahead of US CPI
After closing the day virtually unchanged on Wednesday, GBP/USD stays on the back foot early Thursday and trades in negative territory at around 1.3500. The pair faces a critical support level at 1.3470 as investors refrain from taking large positions ahead of August inflation data from the US.
Although the US Dollar (USD) came under bearish pressure with the immediate reaction to the weaker-than-expected Producer Price Index (PPI) data for August on Wednesday, the cautious market stance helped the currency find support and made it difficult for GBP/USD to gain traction. Read more...
GBP/USD treads water ahead of key central bank decisions
The GBP/USD pair traded in a tight range around 1.3524 USD on Thursday, with movement constrained as markets await key US inflation data and pivotal policy meetings from both the Federal Reserve and the Bank of England next week.
The pound has managed to recover from a sell-off earlier in September, when concerns over UK fiscal sustainability pushed the currency to monthly lows and propelled long-term government bond yields to levels last seen in the late 1990s. Read more...
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