Pound Sterling Price News and Forecast: GBP/USD pound could stage downward correction if 1.2000 fails

FXStreet Team FXStreet

When is the UK inflation and how could it affect GBP/USD?

The cost of living in the UK as represented by the Consumer Price Index (CPI) for June month is due early on Wednesday at 06:00 GMT. June’s inflation data will be keenly watched by the GBP/USD traders as a positive side deviation in overall and core inflation figures will strengthen the odds of a consecutive 50 basis point (bps) rate hike by the Bank of England (BOE). Also, it will add downside pressure on already vulnerable Gross Domestic Product (GDP) numbers. Read more...

GBP/USD Forecast: Pound could stage downward correction if 1.2000 fails

GBP/USD has failed to preserve its bullish momentum early Wednesday and started to fluctuate in a tight channel near 1.2000. The souring market mood could help the greenback stage a rebound and weigh on the pair in the second half of the day.

Earlier in the day, the data published by the UK's Office for National Statistics (ONS) revealed that the Consumer Price Index (CPI) jumped to 9.4% on a yearly basis in June from 9.1% in May. Although this reading came in higher than the market forecast of 9.3%, the British pound struggled to find demand. Read more...

GBP/USD retreats to 1.2000 post-UK CPI, downside seems cushioned amid softer USD

The GBP/USD pair edged higher for the fourth successive day on Wednesday and inched back closer to a two-week high touched the previous day. The uptick, however, lacked bullish conviction and once again failed near the 1.2040-1.2045 region. Spot prices quickly retreated a few pips following the release of the UK consumer inflation figures and now seem to have stabilized around the 1.2000 psychological mark. Read more...

GBP/USD

Overview
Today last price	1.1968
Today Daily Change	-0.0024
Today Daily Change %	-0.20
Today daily open	1.1992

Trends
Daily SMA20	1.2049
Daily SMA50	1.2269
Daily SMA100	1.2615
Daily SMA200	1.3056

Levels
Previous Daily High	1.2046
Previous Daily Low	1.1925
Previous Weekly High	1.2039
Previous Weekly Low	1.176
Previous Monthly High	1.2617
Previous Monthly Low	1.1934
Daily Fibonacci 38.2%	1.2
Daily Fibonacci 61.8%	1.1971
Daily Pivot Point S1	1.193
Daily Pivot Point S2	1.1867
Daily Pivot Point S3	1.1809
Daily Pivot Point R1	1.205
Daily Pivot Point R2	1.2108
Daily Pivot Point R3	1.2171

Author

FXStreet Team

FXStreet

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

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