GBP/USD stays defensive at three-week low near 1.2800 ahead of US PCE Inflation data – by anilpanchal7 GBPUSD BOE Fed Inflation Recession
Pound Sterling slumped heavily after US data bolstered US Dollar, UK policymakers criticize BoE rate hike amid recession woes.
Lack of major clues from UK requires Cable to rely upon US catalysts and print inaction amid cautious mood in Asia. US Core PCE Price Index for June eyed closely for clear directions due to its status as the Fed’s preferred inflation gauge. GBP/USD licks its wounds at the lowest level in two weeks, making rounds to 1.2790-2800 during Friday’s Asian session, amid the market’s consolidation ahead of the Federal Reserve’s preferred inflation gauge. It should be noted that the Cable pair dropped the most since early March the previous day after the US Dollar rallied on the upbeat data.
Moving on, GBP/USD may benefit from the US Dollar’s retreat but is less likely to regain upside momentum amid the fears about the UK economy and the BoE. That said, today’s Fed’s favorite inflation gauge, namely the Core Personal Consumption Expenditure Price Index for June, expected 4.2% YoY versus 4.6% prior, becomes crucial to watch for clear directions.A daily closing beneath the two-month-old rising support line, now immediate resistance near 1.
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