GBP/USD finds a meager rebound on Monday, but UK CPI inflation looms ahead
GBP/USD halted a recent slide on Monday, recovering 1.2700 after bottoming out near 1.2660 last week. Broader market sentiment recovered to kick off the new week as investors shrug off cautionary tones from Federal Reserve (Fed) officials to continue hoping for a September rate cut as US economic data softens.
Tuesday’s upcoming US Retail Sales will draw the market’s outlook sharply into focus. US Retail Sales in May are expected to tick back up to 0.2% MoM after the previous month’s 0.0% flat print. Core Retail Sales excluding automobiles in May are also expected to hold steady at 0.2%. Later in the week, US Purchasing Managers Index (PMI) figures scheduled for Friday are expected to ease slightly. Read more...
GBP/USD Price Analysis: Creeps lower, remains below 1.2700
The Pound Sterling extended its losses versus the Greenback on Monday, losses of some 0.06% as traders remain risk averse due to European political uncertainty. That and a Bank of England’s (BoE) monetary policy decision looming would likely keep the major consolidated. The GBP/USD trades at 1.2675 after hitting a daily high of 1.2688.
From a technical standpoint, the GBP/USD is neutral to downward biased, even though price action is above the daily moving averages (DMAs). Momentum shifted in favor of sellers, which according to the Relative Strength Index (RSI) are gathering traction as it turns bearish. Read more...
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