Pound Sterling Price News and Forecast: GBP/USD Soft US CPI data backs upside towards 1.3500

FXStreet Team FXStreet

GBP/USD Price Forecast: Soft US CPI data backs upside towards 1.3500

The British Pound (GBP) is up 0.1% at around 1.3403 against the US Dollar (USD) during the European trading session on Wednesday. The GBP/USD pair gains as the US Dollar comes under selling pressure, with market participants dialing down expectations for Federal Reserve (Fed) interest rate hikes.

In the European trade, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, has recovered its early losses and is marginally down to near 100.87. However, the DXY is still holding Tuesday’s losses. Read more...

GBP/USD awaits political news: What will happen next

GBP/USD rose to 1.3403 on Wednesday, with British politics taking centre stage for investors.

The market is assessing the upcoming change of prime minister, with Andy Burnham set to take office on 20 July. Of additional interest is the potential candidate for the new Chancellor of the Exchequer. In betting markets, Ed Miliband is considered the favourite, whom investors perceive as a supporter of more active fiscal spending. Read more...

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