GBP/USD – Inflation shock lifts cable past key resistance
The post GBP/USD – Inflation shock lifts cable past key resistance appeared on BitcoinEthereumNews.com. GBP/USD: Inflation shock lifts cable past key resistance – What’s next? UK inflation surprised markets in April, jumping to 3.5%, the highest rate since January 2024. The unexpected surge was largely driven by rising household bills and sticky services inflation. This inflationary spike complicates the Bank of England’s (BoE) path forward, casting doubt on the likelihood of near-term rate cuts and fueling expectations that rates may remain elevated for longer than anticipated. Read more… GBP/USD Forecast: Pound Sterling retreats after testing key resistance on UK inflation GBP/USD gathered strength in the European morning on Wednesday rose to its highest level since February 2022 near 1.3470. Although the pair loses its traction following the initial upsurge, the technical outlook suggests that the bullish bias remains unchanged. The UK’s Office for National Statistics (ONS) reported on Wednesday that annual inflation in the UK, as measured by the change in the Consumer Price Index (CPI), climbed to 3.5% in April from 2.6% in March. This reading came in above the market expectation of 3.3%. Additionally, the CPI rose by 1.2% on a monthly basis after increasing by 0.3% in March, while the core CPI, which excludes volatile food and energy prices, increased by 3.8% on a yearly basis. Read more… GBP/USD spikes to new highs – More upside after A-B-C? UK inflation came in hotter than expected at 3.5% versus 3.3%, which raises the likelihood that the Bank of England could delay potential rate cuts. As we know, if inflation overshoots expectations while rate cuts are still on the table, it risks fueling inflation even further. So the market may now be thinking the BoE will hold off and possibly shift to a more hawkish tone. That’s likely why Cable briefly reached new highs and even broke to fresh highs of the year…
The post GBP/USD – Inflation shock lifts cable past key resistance appeared on BitcoinEthereumNews.com.
GBP/USD: Inflation shock lifts cable past key resistance – What’s next? UK inflation surprised markets in April, jumping to 3.5%, the highest rate since January 2024. The unexpected surge was largely driven by rising household bills and sticky services inflation. This inflationary spike complicates the Bank of England’s (BoE) path forward, casting doubt on the likelihood of near-term rate cuts and fueling expectations that rates may remain elevated for longer than anticipated. Read more… GBP/USD Forecast: Pound Sterling retreats after testing key resistance on UK inflation GBP/USD gathered strength in the European morning on Wednesday rose to its highest level since February 2022 near 1.3470. Although the pair loses its traction following the initial upsurge, the technical outlook suggests that the bullish bias remains unchanged. The UK’s Office for National Statistics (ONS) reported on Wednesday that annual inflation in the UK, as measured by the change in the Consumer Price Index (CPI), climbed to 3.5% in April from 2.6% in March. This reading came in above the market expectation of 3.3%. Additionally, the CPI rose by 1.2% on a monthly basis after increasing by 0.3% in March, while the core CPI, which excludes volatile food and energy prices, increased by 3.8% on a yearly basis. Read more… GBP/USD spikes to new highs – More upside after A-B-C? UK inflation came in hotter than expected at 3.5% versus 3.3%, which raises the likelihood that the Bank of England could delay potential rate cuts. As we know, if inflation overshoots expectations while rate cuts are still on the table, it risks fueling inflation even further. So the market may now be thinking the BoE will hold off and possibly shift to a more hawkish tone. That’s likely why Cable briefly reached new highs and even broke to fresh highs of the year…
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