The Pound Sterling (GBP) corrects to 1.2750 against the US Dollar (USD) in Wednesday’s London session after posting a fresh 10-week high at 1.2800 on Tuesday.
The Pound Sterling drops after facing selling pressure near 1.2800 due to multiple tailwinds. A soft UK inflation outlook could prompt the BoE to start unwinding higher interest rates. The US Dollar recovers amid uncertainty ahead of the US core PCE price index. The Pound Sterling corrects to 1.2750 against the US Dollar in Wednesday’s London session after posting a fresh 10-week high at 1.2800 on Tuesday.
2800 The Pound Sterling faces selling pressure near the round-level resistance of 1.2800. The GBP/USD pair is expected to remain volatile ahead of the release of the Fed’s preferred inflation gauge on Friday. However, the near-term outlook of the Cable remains firm as it holds the 61.8% Fibonacci retracement at 1.2670. The Cable is expected to continue in the bullish trajectory as all short-to-long-term Exponential Moving Averages are sloping higher, suggesting a strong uptrend.
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