The post GBP/USD snaps losing streak ahead of UK CPI inflation appeared on BitcoinEthereumNews.com.

GBP/USD found a reprieve from recent bearish momentum. Cable snapped a six-day losing streak, recovering a scant half of a percent. UK CPI inflation figures due in the midweek market session. GBP/USD climbed 0.5% on Monday, kicking off the fresh trading week with a bullish recovery that ended a six-day losing streak and paring back recent losses to send price action back toward the 1.2700 handle. Gains in Cable bids are owing more to a general easing in one-sided Greenback momentum than any intrinsic strength in the Pound Sterling, with GBP traders hunkering down for this week’s fresh update in UK Consumer Price Index (CPI) inflation figures. It was a quiet start to the trading week with a limited economic data docket on Monday. Markets twisted into risk appetite recovery mode, easing bullish pressures that have bolstered the US Dollar across the board in recent weeks. The Bank of England (BoE) will warm up Cable action on Tuesday with the UK central bank’s latest Monetary Policy Report Hearings slated for Tuesday, but GBP traders will be focusing on Wednesday’s UK CPI print for October. Markets forecast annualized UK CPI inflation to accelerate to 2.2% YoY in October from the previous print of 1.7%, while core UK CPI is expected to hold steady at 3.2% YoY. Markets are getting a nice breather from high-impact US economic data this week, though Cable traders will be keeping an eye out for Friday’s UK Retail Sales update, as well as S&P Purchasing Managers Index (PMI) figures due on both sides of the pond to wrap up the trading week. GBP/USD price forecast The Pound Sterling dug in its heels and recovered a meager 0.5% on Monday, but cumulative losses still see Cable mired in bear country south of the 200-day Exponential Moving Average (EMA)…

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Filed under: News - @ November 18, 2024 11:23 pm