Pound Sterling Price News and Forecast: GBP/USD posts modest daily losses in early American session
|GBP/USD drops to 1.3700 after latest BoE headline
The GBP/USD pair came under modest bearish pressure in the early American session and dropped to a daily low of 1.3695. As of writing, the pair was down 0.15% on a daily basis at 1.3720.
GBP/USD remains on the back foot despite broad USD weakness
The data published by the US Bureau of Labor Statistics revealed that the Consumer Price Index (CPI) in March rose to 2.6% on a yearly basis from 1.7% in February. Furthermore, the annual Core CPI, which excludes the volatile energy and food prices, edged higher to 1.6% and surpassed the market expectation of 1.5%. With the initial reaction, the US Dollar Index fell toward 92.00 and allowed GBP/USD to advance to 1.3750 area.
GBP/USD analysis: Bounces off resistance
GBP/USD
Since the middle of Monday's trading, the GBP/USD has been fluctuating sideways between the support of the zone near 1.3720 and the 55-hour simple moving average and the resistance of the weekly simple pivot point at 1.3766 and the April 8 and 12 high levels.
If the pair manages to break resistance levels and surge higher, it would immediately face the resistance of the 200-hour simple moving average near 1.3790. Above this level, there are no technical resistances as high as the weekly R1 simple pivot point at 1.3861.
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