Pound Sterling Price News and Forecast: GBP slumps as UK inflation growth cools down

FXStreet Team FXStreet

Pound Sterling slumps as UK inflation growth cools down

The Pound Sterling (GBP) faces intense selling pressure against its major peers on Wednesday after the release of the United Kingdom (UK) Consumer Price Index (CPI) data for September.

The Office for National Statistics (ONS) reported that the core CPI – which excludes volatile components of food, energy, alcohol and tobacco – grew by a less-than-expected 3.5% on an annual basis. Economists forecasted underlying price pressures to have risen by 3.7% against the prior reading of 3.6%. Read more...

GBP/USD outlook: Biased lower while below thickening daily cloud

Cable remains in red for the third straight day with fresh weakness on Tuesday, pointing to negative signals developing on daily chart.

Friday’s false break above daily cloud, left Doji candle with longer upper shadow and subsequent drop returned below cloud base, adding to negative signals. Read more...

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