GBP/USD renews two-month high near 1.2400, UK GDP, Fed’s favorite inflation in focus
GBP/USD bulls attack the 1.2400 threshold while refreshing the highest levels in two months during early Friday. In doing so, the Cable pair cheers optimism surrounding the UK’s Trans-Atlantic trade deal amid easing fears from the banking sector. However, the cautious mood ahead of the Federal Reserve’s (Fed) preferred inflation gauge, namely the US Core Personal Consumption Expenditure (PCE) Price Index for February, prods the pair buyers of late.
UK Prime Minister Rishi Sunak hails a £1.8billion Brexit boost as Britain signed up to the giant Trans-Pacific Partnership, per The Sun. The news also mentioned, “The deal, which follows two years of talks, opens the door to free trade with 11 nations including Japan, Australia, Mexico, Malaysia and Singapore.” Read more…
GBP/USD Price Analysis: Bulls flex muscles for another fight with 1.2450 hurdle
GBP/USD bulls keep the reins around a two-month high near 1.2390 as they approach a critical resistance area during early Friday. In doing so, the Cable pair braces for a five-week uptrend.
That said, a sustained break of the 10-week-old horizontal resistance area, now support around 1.2285-65, joins the clear respect of a fortnight-long ascending trend line, close to 1.2320, to keep the GBP/USD pair buyers hopeful. Read more…
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Arden Kucera