Pound Sterling Price News and Forecast: GBP/USD is firming from near two-month lows
|GBP/USD rejected at the daily lows, eyes on prior support
At the time of writing, GBP/USD is 0.1%, currently trading at 1.3748 having travelled between a low of 1.3694 and a high of 1.3768. GBP/USD was lower by 1% last week as Britain proposed to use alternatives to the Oxford-AstraZeneca COVID-19 vaccine to inoculate people aged under 30.
At the start of the week, sterling has stayed near to a two-month low against the US dollar following the first round of key US data for the week. The Consumer Price Index jumped 0.6% last month, the largest gain since August 2012, after rising 0.4% in February, the Labor Department said on Tuesday.
GBP/USD Forecast: Disappointing UK GDP weighed on the pound
The GBP/USD pair seesawed between gains and losses to end Tuesday unchanged around the 1.3740 level. The pair topped 1.3768, later falling on the back of mixed UK data. The February Goods Trade Balance posted a deficit of £-16.442 billion, worse than anticipated, while the monthly Gross Domestic Product printed at 0.4% for February, better than the previous -2.2% but worse than the 0.6% expected. Industrial Production in the country fell by 3.5% YoY, better than the -4.4% expected, while Manufacturing Production decreased by 4.2% YoY vs the -5.1% anticipated.
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