GBP/USD sees a downside to near 1.2100 ahead of US/UK Inflation Expectations
The GBP/USD pair has shifted its business below the crucial support of 1.2150 in the early Asian session. The Cable is declining towards the immediate cushion of 1.2100 as the risk aversion theme is gaining more traction. The major is expected to remain on tenterhooks as the US Dollar is looking to add more gains amid a significant improvement in safe-haven’s appeal.
Cable is consolidating under multi-month high, technical signals are mixed
Cable is standing at the back foot on Tuesday, following a bearish close on Monday after bulls failed to hold gains above pivotal barrier at 1.2293 (former top of Aug 1), but dips remain limited and facing headwinds from 200DMA (1.2135), reinforced by approaching rising 10DMA, in attempt to form a Golden-cross.
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