The Pound Sterling (GBP) trades in a tight range near the round-level figure of 1.2700 against the US Dollar (USD) in Thursday’s European session.
The Pound Sterling exhibits choppiness around 1.2700 as the US core PCE Inflation comes under the spotlight. UK’s high service inflation remains a barrier to the sustainable return of price pressures toward the 2% target. Traders pare Fed rate-cut bets for September due to the stubborn inflation outlook. The Pound Sterling trades in a tight range near the round-level figure of 1.2700 against the US Dollar in Thursday’s European session.
Technical Analysis: Pound Sterling seems uncertain near 1.2700 The Pound Sterling finds temporary support slightly below 1.2700 in Thursday’s European session after a sharp sell-off on Wednesday. The near-term outlook of the GBP/USD pair is still upbeat as it holds the 61.8% Fibonacci retracement support at 1.2670. The Cable is expected to remain bullish as all short-to-long-term Exponential Moving Averages are sloping higher, suggesting a strong uptrend.
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