• GBP/USD halts the previous session's daily gains on Thursday.
  • UK Inflation data makes BOE's hawkish stance firmer.
  • A downtick in US Treasury yields keeps US dollar gains in check.

GBP/USD treads water on Thursday in the early European trading hours. The pair pushed above the 1.3850 mark in the overnight session on higher-than-expected inflation data, which fueled the expectations of a sooner rate hike and stimulus tapering by the Bank of England (BOE).

At the time of writing, GBP/USD is trading at 1.3835, down 0.05% for the day.

As per the economic data, UK inflation came higher breaking the record of nine-year in August. The readings came at 3.2% in August as compared to 2% in July and above the market expectations of 2.9%. 

In the latest development, UK Prime Minister Boris Johnson did shuffling to his cabinet. Liz Truss will be given Foreign Secretary, and Dominic Raab will become Justice Secretary. Robert Buckland, Robert Jenrick and Gavin Williams will leave the Cabinet office.

The sterling remained under pressure as Brexit concerns refused to subside, as per the latest report the UK had postponed the introduction of post-Brexit checks on imports to England, Scotland, Wales citing COVID-19 and global supply chain disruptions.

On the other hand, the US Dollar Index (DXY), which tracks the greenback performance against the basket of currencies, turns mildly lower below 92.50  head of the US Retail Sales data, which is helping GBP/USD find footing in the European session.

GBP/USD additional levels

GBP/USD

Overview
Today last price 1.3835
Today Daily Change -0.0007
Today Daily Change % -0.05
Today daily open 1.3842
 
Trends
Daily SMA20 1.3774
Daily SMA50 1.3808
Daily SMA100 1.3915
Daily SMA200 1.3832
 
Levels
Previous Daily High 1.3854
Previous Daily Low 1.3792
Previous Weekly High 1.3889
Previous Weekly Low 1.3726
Previous Monthly High 1.3958
Previous Monthly Low 1.3602
Daily Fibonacci 38.2% 1.383
Daily Fibonacci 61.8% 1.3816
Daily Pivot Point S1 1.3805
Daily Pivot Point S2 1.3768
Daily Pivot Point S3 1.3744
Daily Pivot Point R1 1.3866
Daily Pivot Point R2 1.389
Daily Pivot Point R3 1.3927

 


 

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