Pound Sterling Price News and Forecast: GBPUSD cracked 1.2300 barrier on fresh acceleration

FXStreet Team FXStreet

GBP/USD Price Analysis: Rising wedge, bearish RSI divergence lure sellers ahead of UK inflation

GBP/USD picks up bids to defend the previous day’s run-up around the 1.2300 round figure, despite posting only 0.08% intraday gains, as the Cable pair traders await the UK’s key inflation data on early Wednesday. Even so, the quote stays inside an eight-day-old rising wedge bearish chart formation.

Sterling was lifted by downbeat US data and pressuring pivotal barrier

Cable cracked 1.2300 barrier on fresh acceleration after a very disappointing US Empire State index results (Jan -32.9 vs -8.7 f/c and Dec -11.2) deflated dollar. Bulls tightened grip after consolidating in past two day, however, daily stochastic emerged from overbought territory, suggesting that the upleg from 1.1841 (Jan low) may hold in extended consolidation, before bulls resume.

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