GBPUSD discount again
Updated
Hello dear friends, Yesterday GBPUSD ended its upward trend with a breakout from the ascending channel at the 1.2250 level. Currently, the price is trading within the range of 1.2204 with a downward trend. The targets for this decline are set at 1.2119 and lower at 1.0600.
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Comment
GBP/USD lost more than 100 pips on Thursday and erased all the gains it recorded in the first half of the week. Early Friday, the pair staged a rebound and stabilized above 1.2200.Comment
US Treasury bond yields surged higher on Thursday after the September inflation report and helped the US Dollar (USD) outperform its rivals.Comment
Gu is decreasing as expected, the possibility of continued decline in the next week.Comment
If US yields continue to push lower in the second half of the day, the USD could stay on the back foot and allow GBP/USD to stretch higher ahead of the weekend. On the flip side, a cautious opening in Wall Street alongside recovering US yields could weigh on the pair.Comment
Although the US Bureau of Labor Statistics announced that the annual Core Consumer Price Index (CPI) inflation, which excludes volatile food and energy prices, edged lower to 4.1% from 4.3% as forecast in September, underlying details of the report revived expectations for one more Federal Reserve rate increase later in the year. The so-called 'supercore inflation' increased 0.6% on a monthly basis, highlighting a lack of progress in the sticky part of inflation.
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