Pound Sterling Price News and Forecast: GBP/USD climbs above key technical levels

FXStreet Team FXStreet

GBP/USD Forecast: Pound Sterling climbs above key technical levels

GBP/USD benefited from the broad-based US Dollar (USD) weakness on Tuesday and gained nearly 1% on the day. The pair preserves its bullish momentum and trades at a fresh weekly high near 1.3350 in the European session on Wednesday.

April inflation data from the US weighed on the USD on Tuesday, opening the door for a leg higher in GBP/USD during the American trading hours. The US Bureau of Labor Statistics reported that annual inflation, as measured by the change in the Consumer Price Index (CPI), edged lower to 2.3% in April from 2.4% in March. Read more...

GBP/USD primary count suggests a wave (C) bottom amid BoE’s hawkish tone

The GBP/USD 1-hour chart presents a compelling Elliott Wave structure, suggesting the potential completion of a corrective Wave (C) at the recent low near the 1.3140 region. According to the primary count, this could mark a significant inflection point, indicating that the pair may have bottomed out and is beginning a new impulsive rally.

This bullish shift coincides with macroeconomic commentary from Huw Pill, the Chief Economist at the Bank of England, who on Tuesday expressed concerns about inflationary pressures in the UK. Speaking at a London School of Economics conference, Pill emphasized. Read more...

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EUR/USD looks sidelined below 1.1600

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GBP/USD stays offered near 1.3340

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