GBP/USD remains confined above 1.2700 ahead of UK CPI, FOMC Minutes
The GBP/USD pair remains confined around 1.2710 during the early Asian session on Wednesday. Financial markets await fresh impetus, with the release of the UK Consumer Price Index (CPI) and FOMC Minutes due on Wednesday.
Federal Reserve (Fed) Governor Christopher Waller, who has recently been hawkish, said on Tuesday that he does not think further rate hikes will be necessary, adding that he will need some convincing data before he backs cuts anytime soon. Meanwhile, Atlanta Fed President Raphael Bostic noted that the US central bank has to be cautious about the first-rate move. Bostic further stated that he would “rather wait longer for a rate cut to be sure inflation does not start to bounce around.” Read more...
GBP/USD Price Analysis: Remains subdued above 1.2700
The Pound Sterling registered minuscule gains versus the US Dollar in early trading during the North American session. Investors’ sentiment is upbeat as most US equity indices are rising, US Treasury bond yields are falling, and the Greenback was virtually unchanged against a basket of its peers. Therefore, the GBP/USD trades at 1.2719, up 0.11%.
The GBP/USD pair shows a clear upward bias in the near term. While it has yet to print a new weekly high above Monday’s 1.2725, this could potentially pave the way for significant further gains. Read more...
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