Pound Sterling Price News and Forecast: GBP/USD eyes momentum above 1.1360 ahead of UK CPI
GBP/USD Price Analysis: Chaos emerges on inside candle formation
The GBP/USD pair has witnessed fresh demand around 1.1310 in early Asia and is aiming to overstep the crucial resistance of 1.1340. The pound bulls are having an edge of the risk-appetite theme over the greenback bulls. Meanwhile, the US dollar index (DXY) is displaying a sluggish performance marginally below the 112.00 support, and may witness an increment in volatility.
On the daily scale, the cable has formed an Inside Candle pattern at the edge of the downward-sloping trendline placed from September 13 high at 1.1738.
GBP/USD eyes momentum above 1.1360 amid soaring market mood, UK CPI in focus
The GBP/USD pair is facing barricades around the immediate hurdle of 1.1360 in the Tokyo session. The hurdles around 1.1360 seem less powerful amid escalating risk appetite of the market participants. S&P500 futures have extended their gains in the Tokyo session after back-to-back upbeat trading sessions. The pound bulls will get strengthened after overstepping the above-mentioned hurdle.
Meanwhile, the US dollar index (DXY) is displaying a subdued performance of around 112.00. The asset could lose further amid a decline in safe-haven appeal. On contrary, returns on US bonds are still solid amid firmer hawkish Fed bets. The 10-year US Treasury yields have extended their gains above 4.01%, at the time of writing.