Pound Sterling Price News and Forecast: GBP/USD remains confined in a familiar trading band

FXStreet Team FXStreet

GBP/USD Price Analysis: Consolidates near multi-month low, below 1.2400 ahead of UK CPI

The GBP/USD pair extends the previous day's rejection slide from the vicinity of a technically significant 200-day SMA, around the 1.2425-1.2430 region, and remains on the defensive through the Asian session on Wednesday. Spot prices currently trade below the 1.2400 round-figure mark, well within the striking distance of the lowest level since early June.

The British Pound (GBP) is undermined by reduced bets for more aggressive policy tightening by the Bank of England (BoE). This, along with the underlying bullish sentiment surrounding the US Dollar (USD), continues to act as a headwind for the GBP/USD pair. Traders, however, seem reluctant to place aggressive bets and opt to wait on the sidelines ahead of the latest UK consumer inflation figures. This will be followed by the highly-anticipated FOMC policy decision, due later during the US session and the BoE meeting on Thursday. Read more...

GBP/USD hangs near multi-month low, looks to UK CPI ahead of central bank event risks

The GBP/USD pair continues with its struggle to register any meaningful recovery and extends its consolidative price moves for the third successive day on Wednesday. Spot prices trade below the 1.2400 mark during the Asian session and remain well within the striking distance of its lowest level since early June touched on Monday.

Traders now seem reluctant and opt to wait on the sidelines ahead of this week's key data/central bank event risks, starting with the release of the latest UK consumer inflation figures later today. The headline UK CPI is anticipated to have accelerated to 7.1% in August from 6.8% previous, while the core reading, which excludes seasonally volatile food and energy prices, is seen edging lower to 6.8% YoY rate from 6.9% in July. A surprisingly higher print will suggest that wage pressures are still feeding through into higher prices, which, in turn, should benefit the British Pound and provide a goodish lift to the GBP/USD pair. Read more...

GBP/USD

Overview
Today last price	1.2386
Today Daily Change	-0.0006
Today Daily Change %	-0.05
Today daily open	1.2392

Trends
Daily SMA20	1.2542
Daily SMA50	1.2713
Daily SMA100	1.2652
Daily SMA200	1.2434

Levels
Previous Daily High	1.2425
Previous Daily Low	1.237
Previous Weekly High	1.2548
Previous Weekly Low	1.2379
Previous Monthly High	1.2841
Previous Monthly Low	1.2548
Daily Fibonacci 38.2%	1.2404
Daily Fibonacci 61.8%	1.2391
Daily Pivot Point S1	1.2366
Daily Pivot Point S2	1.2341
Daily Pivot Point S3	1.2312
Daily Pivot Point R1	1.2421
Daily Pivot Point R2	1.2451
Daily Pivot Point R3	1.2476

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FXStreet Team

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