Pound Sterling Price News and Forecast: GBP/USD recovers early lost ground to the 1.2860 area

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GBP/USD recovers lost ground above the 1.2850 mark ahead of FOMC

The GBP/USD pair attracts some follow-through buying and bounces off the 1.2815 mark on Monday. The major pair currently trades around 1.2860 in the early Asian session. Market players prefer to wait to be sidelined ahead of the key Federal Open Market Committee (FOMC) meeting on Wednesday.

The Office for National Statistics (ONS) reported on Friday that the UK monthly Retail Sales data rose 0.7% in June vs. 0.1% in May and above the 0.2% expected. Meanwhile, annual Retail Sales data contracted by 1.0% against expectations of -1.5% and -2.1% prior. Additionally, the monthly headline Consumer Price Index expanded 0.1% versus the consensus of 0.4% and 0.9% prior. Read more...

GBP/USD Price Analysis: Cable portrays pre-data anxiety within key EMA envelope around 1.2850

GBP/USD remains sidelined while licking its wounds around 1.2850 after the heavy weekly fall during early Monday morning in Asia. In doing so, the Cable pair seesaws between the 100 and 200 Exponential Moving Average (EMA) as the oscillators appear poking bears ahead of the key preliminary readings of the UK and US PMIs for July.

With this, GBP/USD remains sidelined unless trading between the aforementioned EMA envelope, currently between 1.2890 and 1.2790. Read more...

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