Pound Sterling Price News and Forecast: GBP/USD lacks firm intraday direction, holds above 1.2715
GBP/USD struggles for a firm intraday direction around 1.2715, eyes on US CPI
The GBP/USD pair moves sideways above the 1.2700 area during the early Asian session on Thursday. Market participants prefer to wait on the sidelines and await key data from the US and UK. The US inflation figure could trigger volatility in the market later in the American trading hours.
The Bank of England (BoE) chief economist, Huw Pill, stated last week that interest rates were expected to remain high for a longer period. He added that the central bank will be more data-dependent, and policymakers will respond as the economy and the data evolve. It’s worth noting that the Bank of England (BoE) raised interest rates by 25 basis points (bps) to a 15-year high of 5.25% from 5% in its August policy meeting. Read more…
GBP/USD Price Analysis: Cable grinds within weekly triangle above 1.2700, focus on US CPI, UK GDP
GBP/USD seesaws around 1.2720 while portraying the pre-data anxiety on early Thursday, after declining in the last two consecutive days.
Apart from the cautious mood ahead of the US Consumer Price Index (CPI) for August, the preliminary readings of the UK’s second quarter (Q2) Gross Domestic Product (GDP), the Cable pair also justifies an absence of major data/events during the Asian session. With this, the Pound Sterling stays within a one-week-old symmetrical triangle, currently between 1.2700 and 1.2785. Read more…