The Pound Sterling (GBP) approaches the round-level resistance of 1.2800 in Tuesday’s European session.
The Pound Sterling jumps to 1.2780 as the US Dollar declines with eyes on US core PCE inflation data. US core PCE inflation is forecasted to have grown at a steady pace on a monthly and an annual basis. A slower decline in the UK inflation in April diminished BoE rate-cut prospects. The Pound Sterling approaches the round-level resistance of 1.2800 in Tuesday’s European session.
A hotter-than-expected inflation reading will be favorable for the US Dollar as it will force traders to pare dovish bets for September, while soft figures will do the opposite. Technical Analysis: Pound Sterling sets to reclaim 1.2800 The Pound Sterling extends its upside to 1.2780 against the US Dollar. The GBP/USD pair aims to recapture the round-level resistance of 1.2800. The appeal for the Cable strengthens as it reaches the 78.6% Fibonacci retracement at 1.2770.
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