GBP/USD Price Analysis: Cable looks set to regain 1.3000 as technical details favor bulls
GBP/USD remains on the front foot around the intraday high of near 1.2965 amid early Thursday morning in London, snapping a four-day downtrend while reversing from the lowest levels in seven days. In doing so, the Cable pair justifies multiple technical signals which favor the bullish bias about the Pound Sterling price.
Among them, Wednesday’s bullish Doji candlestick at the weekly low gains major attention as it prevails at the convergence of the 100-bar Exponential Moving Average (EMA) and a three-week-long rising support line. Adding strength to the upside bias is the RSI (14) line’s rebound from the oversold region. Read more…
GBP/USD remains sidelined above 1.2930 mark, cooling inflation in the UK
The GBP/USD pair licks its wounds around 1.2935 in the early Asian session after diving to a weekly low near the 1.2870 region. The major declines after the publication of the softer UK Consumer Price Index.
The Office for National Statistics in the United Kingdom reported that the headline Consumer Price Index (CPI) MoM increased by 0.1% in June, below the 0.4% expected and the 0.9% increase in May. Annually, headline CPI fell to 7.9%, falling short of the expectation of 8.2% and the 8.7% increase in May. The core CPI figure, excluding volatile food and oil prices, fell to 6.9%, against the market consensus of 7.1%. This softer inflation data could help the Bank of England (BoE) to hike rates towards 25 basis points (bps) rather than 50 bps in the next policy meeting on August 3. Read more…
Comments are closed.