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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EUR/USD edges lower below 1.1650 as Middle East tensions fuel US Dollar strength

The EUR/USD pair trades in negative territory around 1.1635 during the early Asian session on Thursday. The US Dollar strengthens against the Euro as escalating Middle East conflict boosts safe-haven flows. Traders brace for the Eurozone Retail Sales and US weekly Initial Jobless Claims reports, which will be released later on Thursday.

GBP/USD tests key moving averages as growth downgrade weighs

GBP/USD was nearly flat on Wednesday, edging up 0.08% to settle around 1.3370 in a quiet session. The pair has fallen sharply from its late-January high near 1.3870 and is now testing the 200-day Exponential Moving Average, with this week's one-week forex heatmap showing Pound Sterling as one of the worst performers against the US Dollar, down about 1.4% on the week.