Pound Sterling holds gains above 1.2700 ahead of UK inflation
The Pound Sterling (GBP) remains firm, trading slightly above 1.2700 in Tuesday’s New York session. The next move in the GBP/USD pair will likely be guided by the United Kingdom Consumer Price Index (CPI) data for April and the Federal Open Market Committee (FOMC) minutes for the May meeting, which will be published on Wednesday.
The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, edges down to 104.50 as investors look for fresh cues about when the Federal Reserve (Fed) will start reducing interest rates. Investors await the FOMC minutes to get a deep understanding of policymakers’ views on the interest-rate outlook. Read more...
GBP/USD Forecast: Pound Sterling could face stiff resistance at 1.2760
GBP/USD holds steady slightly above 1.2700 early Tuesday after closing the first day of the week virtually unchanged. The technical outlook shows that the bullish bias stays intact but the pair's action could remain subdued ahead of key inflation data from the UK on Wednesday.
The lack of high-impact macroeconomic data releases allowed financial markets to remain quiet on Monday. Comments from Federal Reserve (Fed) officials helped the US Dollar find a foothold following the decline seen in the previous week and made it difficult for GBP/USD to stretch higher. Read more...
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