GBP/USD outlook: Cable remains constructive despite weak UK GDP numbers, all eyes of US CPI/Fed
Cable ticked higher in European trading on Wednesday, showing no significant reaction on overall negative UK economic data (GDP was flat in April/construction and manufacturing output fell sharply) as traders await release of US CPI data and signals from Fed at the end of two day policy meeting.
US inflation is expected to ease while the central bank is widely expected to keep the policy unchanged again, with focus on Fed’s projections, which would provide fresh signals about the timing and pace of rate cuts. Read more...
GBP/USD Forecast: Pound Sterling could extend recovery on a soft US CPI print
GBP/USD edged higher and closed the second consecutive day in positive territory on Tuesday. Despite the US Dollar's resilience, the pair managed to hold its ground as the sharp decline seen in EUR/GBP showed that Pound Sterling captured capital outflows out of the Euro.
GBP/USD continues to stretch higher and trades at around 1.2750 as market attention shifts to key macroeconomic events from the US. Annual inflation in the US, as measured by the change in the Consumer price Index (CPI), is forecast to hold steady at 3.4% in May. Read more...
GBP/USD Price Analysis: Hovers around 1.2750 ahead of UK GDP
The GBP/USD pair consolidates near 1.2750 during the Asian session on Wednesday. The pair maintains its position within an ascending channel pattern on the daily chart, with the 14-day Relative Strength Index (RSI) above the 50 level, indicating a bullish bias.
Furthermore, the Moving Average Convergence Divergence (MACD) momentum indicator reinforces the bullish trend. The MACD line is above the centerline and diverges above the signal line, suggesting further upward movement. Read more...
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