GBP/USD Price Analysis: Rallies above 1.2800 as buyers gain momentum
The
Pound Sterling recovered some ground versus the US Dollar in early trading on Wednesday after the US Department of Labor revealed that inflation is cooling in the United States. This development happened ahead of the Federal Reserve's monetary policy decision, which would be followed by
Fed Chair Jerome Powell's press conference. Therefore, the GBP/USD hit a two-month high and traded at 1.28434, gaining more than 0.70%.
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Pound Sterling rallies to 1.2850 as soft US CPI data strengthens market mood
The
Pound Sterling (GBP) rallies to near 1.2850 against the US Dollar (USD) in Wednesday’s New York session. The GBP/USD pair capitalizes on the soft United States (US) Consumer Price Index (CPI) report for May, which indicates that price pressures were softer than expected. The CPI report shows annual core inflation, which strips off volatile food and energy prices, decelerates to 3.4% from the consensus of 3.5% and April’s reading of 3.6%. In the same period, the headline inflation declines to 3.3% from estimates and the prior release of 3.4%. On a monthly basis, headline and core inflation grew at a slower pace of 0.1% and 0.2%, respectively.
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GBP/USD Price Analysis: Hovers around 1.2750 ahead of UK GDP
The
GBP/USD pair consolidates near 1.2750 during the Asian session on Wednesday. The pair maintains its position within an ascending channel pattern on the daily
chart, with the 14-day Relative Strength Index (RSI) above the 50 level, indicating a bullish bias.
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