Pound Sterling Price News and Forecast: GBP/USD pares some of Tuesday’s losses, back above 1.1560

FXStreet Team FXStreet

GBP/USD pares some of Tuesday’s losses, back above 1.1560

The GBP/USD is trimming some of Tuesday’s losses after UK’s CPI showed signs of decelerating, while the US prices paid by producers for August ticked up, particularly in core PPI, in line with Tuesday’s CPI reading. During the day, the GBP/USD hit a daily low of 1.1479. but edged higher, following the UK’s report, sending the GBP/USD above the 1.1500 figure towards its daily high at around current exchange rates. At the time of writing, the GBP/USD is trading at 1.1565, above its opening price by 0.65%. Read more...

GBP/USD Forecast: Pound could extend correction above 1.1550

GBP/USD has gathered recovery momentum and climbed toward 1.1550 after having declined below 1.1500 earlier in the day. The pair needs to clear 1.1550 in order to attract bulls. The data published by the UK's Office for National Statistics (ONS) reported on Wednesday that the annual Consumer Price Index (CPI) declined to 9.9% in August from 10.1% in July. The Core CPI, however, which excludes volatile food and energy prices, rose to 6.3% from 6.2%. Read more...

GBP/USD outlook: Cable regains traction after Tuesday's strong fall but bears still in control

Cable regained traction after a brief dip under 1.15 mark on lower than expected UK inflation data, as expectations of 0.75% BoE rate hike next week continue to dominate and underpin pound. Wednesday’s sharp drop on higher than expected US inflation (cable was down 1.7% for the day in the biggest daily loss since May) left large daily bearish candle that weighs on near-term action, with signal being supported by strong bearish momentum on daily chart. Read more...

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