Pound Sterling Price News & Forecast: GBP/USD trades slightly lower

FXStreet Team FXStreet

When is the UK CPI data and how could it affect GBP/USD?

GBP/USD trades slightly lower at around 1.3556 as of writing. The 20-period Exponential Moving Average (EMA) trends lower at 1.3593 and continues to cap rebounds. Price holds beneath this gauge, maintaining a short-term bearish bias. The 14-day Relative Strength Index (RSI) at 39 (below 50) reflects subdued momentum and favors sellers.

The overall outlook of the price is bearish as it holds the breakdown of the Symmetrical Triangle formation, also known as the Volatility Contraction Pattern (VCP). Generally, a breakdown of the VCP results in wider ticks and heavy volume on the downside. Looking down, Cable could extend its decline towards the round-level figure of 1.3400 if it breaks below Tuesday's low of 1.3500. Read more...

GBP/USD Price Forecast: Seems vulnerable near mid-1.3500s; UK CPI/FOMC Minutes awaited

The GBP/USD pair struggles to capitalize on the previous day's late rebound from an over one-week low – levels below the 1.3500 psychological mark – and trades with a negative bias for the third consecutive day on Wednesday. The downside, however, remains cushioned as investors seem reluctant to place aggressive directional bets ahead of the release of the latest UK consumer inflation figures and FOMC Minutes.

In the meantime, Tuesday's disappointing UK jobs report reaffirmed bets for a rate cut by the Bank of England (BoE) in March and continues to undermine the British Pound (GBP). Apart from this, a modest US Dollar (USD) uptick acts as a headwind for the GBP/USD pair during the Asian session. However, dovish Federal Reserve (Fed) expectations might cap gains for the USD and limit losses for the currency pair. Read more...

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FXStreet

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