GBP/USD ignores Brexit woes to target yearly top above 1.4200, UK CPI eyed
GBP/USD bulls catch a breather around 1.4180-90 after a three-day uptrend that poked yearly high the previous day. In doing so, the cable portrays cautious sentiment ahead of the key UK Consumer Price Index (CPI) data and the US Federal Open Market Committee (FOMC) meeting minutes during early Wednesday. Other than the pre-data/event caution, Brexit headlines also test the GBP/USD buyers near the multi-day high.
Sterling cruises to a four-month high
The British pound rose to the highest level since February 24 after the strong economic data from the UK. The data showed that the country’s unemployment rate declined t0 4.8% in March as the government started its gradual reopening. This decline was better than the median estimate of 4.9%. At the same time, the economy added 84,000 jobs in the past three months to March, better than the median estimate of 50,000.
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