GBP/USD oscillates below 1.1500 ahead of UK Inflation
The GBP/USD pair is displaying back-and-forth moves below the psychological support of 1.1500 from the late New York session. The pair witnessed an intense sell-off after the release of the US Consumer Price Index (CPI) data. Risk-perceived currencies nosedived after higher-than-expected US inflation data. The headline CPI landed at 8.3%, higher than the expectations of 8.1% but remained lower than the prior release of 8.5%. Read more...
GBP/USD Forecast: Additional gains likely above 1.1730
GBP/USD has preserved its bullish momentum and climbed to its highest level in two weeks above 1.1700 early Tuesday. The greenback's lacklustre performance helps the pair continue to stretch higher and the technical outlook suggests that the bullish bias stays intact in the near term. The data from the UK showed on Tuesday that the ILO Unemployment Rate declined to 3.6% in three months to July from 3.8%. On a negative note, the Claimant Count Change arrives at 6.3K, worse than the market forecast for a decline of 9.2K. Further details of the jobs report revealed that wage inflation, as measured by the Average Earnings Including Bonus, rose by 5.5% in the same period, compared to analysts' estimate of 5.2%. The strong wage inflation print helped the British pound hold its ground ahead of the Bank of England's monetary policy announcements next week. Read more...
GBP/USD outlook: Sterling keeps firm tone ahead of inflation data
Cable remains at the front foot and rises to two-week high, during European session on Tuesday, underpinned by the data from the UK labor sector which showed unemployment falling to a multi-decade low, though positive impact was tempered by slightly higher than expected earnings numbers. Daily studies improved but still lack positive momentum, offering some support to the action which rose above 20DMA (1.1693) and pressures another pivotal barrier at 1.31738 (Fibo 38.2% of 1.2276/1.1405), close above which is needed to add to bullish stance and open way for further gains. Read more...
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