British Pound gains as BoE’s Greene favors proactive approach on hot UK inflation

The British Pound (GBP) trades 0.2% higher at around 1.3233 against the US Dollar (USD) during the European trading session on Tuesday. The GBP/USD pair gains as Bank of England (BoE) policymaker has stated that the central bank should adopt a proactive approach to avoid the pass on of impact of energy supply shocks to wages and broader consumer prices.

Greene’s 8.2/10 FXS Speechtracker score is above the historic 7.7/10 baseline, signaling a more forceful stance than usual. The emphasis that “if we wait until second round effects materialise, it will be too late” and that the bigger risk is not being proactive enough in tackling inflation points to a clear hawkish shift, supportive of GBP on the margin. Read more...

GBP/USD Price Forecast: Defends 1.3200 as bears await two-week-old range breakdown

The GBP/USD pair attracts some dip-buyers near the 1.3200 mark during the Asian session on Tuesday, stalling the previous day's rejection slide from the 100-period Simple Moving Average (SMA) on the 4-hour chart. Spot prices, however, remain confined in a familiar range held over the past three weeks or so, warranting some caution before positioning for any meaningful appreciation.

The British Pound (GBP) gains some ground following the better-than-expected release of British Retail Consortium (BRC) Like-For-Like Retail Sales data. Moreover, comments from Bank of England (BoE) member Megan Greene, saying that she is worried about second-round inflation effects coming into play if the central bank fails to act soon, lend support to the GBP. Apart from this, a modest US Dollar (USD) profit-taking slide from an 18-month peak, which touched on Monday, turns out to be another factor acting as a tailwind for the GBP/USD pair. Read more...

British Pound gains on BRC Like-For-Like Retail Sales data despite geopolitical tensions

GBP/USD inches higher after posting modest losses in the previous day, trading around 1.3220 during Asian hours on Tuesday. The pair appreciated as the British Pound (GBP) gained ground following the release of British Retail Consortium (BRC) Like-For-Like Retail Sales data. September sales increased by 1.0% year-on-year, outperforming forecasts of 0.7% and accelerating from 0.5% in the previous month. Additionally, Total Retail Sales growth picked up to 1.3% from 0.7%, though it remained below the 12-month average of 1.5%.

Despite these gains, the GBP/USD pair may face headwinds as the US Dollar (USD) could rebound. Safe-haven demand for the Greenback could rebound amid escalating Middle East tensions sparked by a deadly attack on Saudi Arabia’s Riyadh airport. Read more...