The British Pound rose above $1.34 on Tuesday, its highest level in seven months, supported by broad dollar weakness. This gain came despite UK inflation softening more than expected, with headline CPI at 2.6% and services inflation down to 4.7%. Easing price pressures led markets to raise expectations for Bank of England rate cuts, now pricing in 86 basis points of easing by year-end, with a fourth cut increasingly likely.
If GBP/USD breaks above 1.3430, resistance levels are at 1.3500 and 1.3550. Support is at 1.3300, followed by 1.3200 and 1.3050.
If GBP/USD breaks above 1.3430, resistance levels are at 1.3500 and 1.3550. Support is at 1.3300, followed by 1.3200 and 1.3050.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.