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Market News GBP/USD Steadies around 1.2700, Looking to the UK CPI for Further Support

GBP/USD Steadies around 1.2700, Looking to the UK CPI for Further Support

On Wednesday, the GBP/USD exchange rate remained in a restricted range in anticipation of the UK CPI. The USD is undermined by the subdued US Retail Sales recorded on Tuesday, which provide support to the major. Before positioning for substantial gains, it is prudent to exercise caution due to the subdued price action.

TOP1 Markets Analyst
2024-06-19
12056

 GBP:USD 2.jpeg

 

During the Asian session, the GBP/USD pair oscillates in a narrow trading band, centered around the 1.2700 round-figure mark, and fails to acquire any significant momentum on Wednesday. As traders eagerly anticipate the release of the most recent UK consumer inflation figures before preparing for the subsequent leg of a directional move, spot prices remain above the one-month low reached last Friday.

 

The yearly rate is anticipated to decrease from 3.9% in April to 3.5%, while the headline UK CPI is anticipated to increase slightly to 0.4% in May from the previous print of 0.3%. The data will significantly impact the British Pound (GBP) and lend some momentum to the GBP/USD pair. The market will then focus on the Bank of England (BoE) monetary policy meeting on Thursday, which will assist in determining the currency pair's near-term trajectory.

 

Subdued US Dollar (USD) price action serves as a significant tailwind for the GBP/USD pair as it approaches the critical data/central bank event risks. The US Retail Sales report, which was released on Tuesday, was weaker than anticipated. This result suggests that consumers are experiencing exhaustion, and it reinforces the belief that the Federal Reserve (Fed) may begin to reduce interest rates in September. This resulted in the overnight decrease in the yields on US Treasury bonds and is perceived as undermining the value of the dollar.

 

Prospects for a substantial upward movement in the GBP/USD pair are bolstered by the aforementioned fundamental backdrop. However, the absence of any follow-through buying serves as a cautionary note prior to establishing a position for an extension of the recent rebound from the mid-1.2600s, or the one-month low reached last Friday.

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