GBP/USD Awaits Powell's Speech
The GBP/USD pair struggled for significant upward momentum on Thursday, trading below the key level of 1.2100 in the Asian session. The immediate trading range stayed narrow, with GBP/USD last seen around 1.2190-1.2200, near the Fibonacci 23.6% retracement level and the 50-day and 100-day Simple Moving Averages (SMA) on the 4-hour chart. Technical buyers might act if the pair stabilizes here, with 1.2250 as a potential next target before aiming for 1.2300.
However, if GBP/USD fails to surpass 1.2200, sellers may target levels at 1.2130 and the psychological level of 1.2100. The pair briefly rose to 1.2200 during the quiet Asian trading session and could see additional gains if it starts using the support at 1.2200.
In terms of economic data, the UK's inflation, measured by the Consumer Price Index (CPI), remained stable at 6.7% year-on-year in September, higher than market expectations of 6.5%. The core CPI rose by 6.1% year-on-year, slightly lower than the 6.2% recorded in August. The inflation report, while not strong enough to immediately influence the market's pricing of a November rate hike by the Bank of England (BoE), could prompt investors to reassess if the BoE has completed its tightening cycle, strengthening the Pound against future government challenges.
Additionally, US economic data on Building Permits and Housing Starts for September will be released later today. High-interest rates have weighed on mortgage demand, and a significant decline in housing starts could weaken the US Dollar in the latter half of the day.
Stay tuned for market developments as these factors continue to influence the GBP/USD pair.
However, if GBP/USD fails to surpass 1.2200, sellers may target levels at 1.2130 and the psychological level of 1.2100. The pair briefly rose to 1.2200 during the quiet Asian trading session and could see additional gains if it starts using the support at 1.2200.
In terms of economic data, the UK's inflation, measured by the Consumer Price Index (CPI), remained stable at 6.7% year-on-year in September, higher than market expectations of 6.5%. The core CPI rose by 6.1% year-on-year, slightly lower than the 6.2% recorded in August. The inflation report, while not strong enough to immediately influence the market's pricing of a November rate hike by the Bank of England (BoE), could prompt investors to reassess if the BoE has completed its tightening cycle, strengthening the Pound against future government challenges.
Additionally, US economic data on Building Permits and Housing Starts for September will be released later today. High-interest rates have weighed on mortgage demand, and a significant decline in housing starts could weaken the US Dollar in the latter half of the day.
Stay tuned for market developments as these factors continue to influence the GBP/USD pair.
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