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A break above $2,685.60 could push prices toward $2,697.75 and $2,710.54, while immediate support lies at $2,653.29. The 50-day EMA at $2,660.61 and 200-day EMA at $2,637.79 support the bullish outlook above $2,666.86.
Sterling Slips as Inflation Data Misses Forecasts
The British pound remains under pressure after softer-than-expected inflation data released yesterday. The CPI came in at 1.7%, below the forecast of 1.9%, while the core CPI also missed expectations at 3.2%.
The PPI Input fell 1.0%, more than the forecasted 0.5%. Additionally, RPI slipped to 2.7% against an expected 3.1%.
This weaker inflation data has raised concerns over the Bank of England’s next steps on monetary policy, dampening sterling’s strength as investors reassess the currency’s outlook amid slowing price growth and subdued economic conditions.
GBP/USD Technical Analysis
GBP/USD is trading at $1.29784, down 0.02%. Bearish momentum prevails after breaking below a symmetrical triangle pattern. The price hovers below the pivot point at $1.30158, a critical level.
Immediate support is found at $1.29614, with further support at $1.29397 and $1.29188. On the upside, resistance stands at $1.30376, followed by $1.30626 and $1.30943.
