Pound Sterling Price News: GBP remains firm against US Dollar ahead of US CPI data

FXStreet Team FXStreet

Pound Sterling remains firm against US Dollar ahead of US CPI data

The Pound Sterling (GBP) holds onto Monday’s gains around 1.3470 against the US Dollar (USD) during the European trading session on Tuesday. The GBP/USD pair trades firmly ahead of the United States (US) Consumer Price Index (CPI) data for December, which will be published at 13:30 GMT.

Investors will monitor the US CPI data to get fresh cues on the current price growth in the economy and the Federal Reserve’s (Fed) monetary policy outlook. However, the impact of inflation figures is set to be limited on market expectations regarding interest rates in the near term, as Fed officials are more concerned about labor market risks. Read more...

GBP/USD is likely in a range-trading phase – UOB Group

Sharp rebound has scope to test 1.3495 before a pullback can be expected; 1.3520 is not expected to come under threat. In the longer run, GBP is likely in a range-trading phase between 1.3390 and 1.3520, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

24-HOUR VIEW: "GBP fell to a low of 1.3393 last Friday. When GBP was at 1.3405 in the early Asian session yesterday, we stated that 'even without a significant increase in downward momentum, GBP may yet test the major support at 1.3370'. We added, 'a clear break below this level appears unlikely'. Our assessments were incorrect, as GBP rebounded sharply to a high of 1.3486. Read more...

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