Pound Sterling Price News and Forecast: GBP/USD trades in negative territory for two straight days
|GBP/USD Price Analysis: Remains under pressure above the 1.2600 mark, oversold RSI condition eyed
The GBP/USD pair faces some selling pressure above 1.2600 during the early European session on Wednesday. Investors await the UK Consumer Price Index (CPI) for December for fresh impetus. The headline UK inflation is estimated to grow 3.8% YoY, while the Core CPI is expected to rise 4.9% YoY. GBP/USD currently trades near 1.2607, losing 0.18% on the day.
Technically, GBP/USD holds below the 100-hour Exponential Moving Averages (EMAs) on the four-hour chart, which means further downside looks favorable. Read more...
GBP/USD holds below 1.2650, focus on UK CPI, US Retail Sales data
early Asian session on Wednesday. The upside of the pair might be capped due to the softer-than-projected UK wage growth and the ongoing geopolitical tension in the Middle East, which exert some selling pressure on the British Pound (GBP). GBP/USD currently trades around 1.2636, up 0.05% on the day.
Data from the Office for National Statistics (ONS) revealed on Tuesday that the UK ILO Unemployment Rate remained steady at 4.2% in three months to November, in line with market expectation. Meanwhile, the number of people claiming jobless benefits rose by 11.7K in December from an increase of 0.6K in November. Finally, the UK Employment Change data for November arrived at 73K from the previous reading of a 50K gain. Read more...
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