Pound Sterling Price News and Forecast: GBP/USD picks up bids to pare weekly losses

FXStreet Team FXStreet

GBP/USD looks to regain 1.2450, focus on UK inflation, BoE’s Bailey and Fed Minutes

GBP/USD prints the first daily run-up in three as it clings to mild gains near 1.2420 ahead of the key UK inflation data and a speech from Bank of England (BoE) Governor Andrew Bailey, scheduled for Wednesday. In doing so, the Cable pair recovers from the lowest levels in a month amid the US Dollar’s retreat, as well as due to the market’s consolidation ahead of the key data/events.

US Dollar Index (DXY) struggles to extend two-day advances at the highest levels in nine weeks, grinds near 103.50 by the press time. It’s worth noting that the fears of the US debt ceiling expiry join the upbeat concerns from the UK Consumer Price Index (CPI) inflation data and a speech from BoE’s Bailey keep the GBP/USD buyers hopeful of late. Read more...

GBP/USD Price Analysis: Remains inside falling wedge ahead of UK Inflation

The GBP/USD pair is displaying a back-and-forth action around 1.2420 in the early Tokyo session. Earlier, the Cable showed significant recovery after defending the downside near 1.2380. A power-pack action is anticipated from the Pound Sterling ahead of the United Kingdom’s Consumer Price Index (CPI) data (April).

Headline inflation is seen softening sharply to 8.2% from the former release of 10.1%. The core CPI is expected to remain steady at 6.2%. On Tuesday, Bank of England (BoE) Governor Andrew Bailey said "I think we are nearer to the peak than we were” and reiterated that they must use the tool of interest rate rises carefully. Read more...

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