GBP/USD Pivot level forms at 1.2750, eyes on US CPI

GBP/USD forecast: Pivot level forms at 1.2750, eyes on US CPI

GBP/USD registered modest gains for the second consecutive day on Tuesday but lost its traction early Wednesday. The pair stays near 1.2750 in the European morning as market focus shifts to the key November inflation report from the US.

The cautious market mood and rising US Treasury bond yields helped the US Dollar (USD) find demand on Tuesday and made it difficult for GBP/USD to stretch higher. Early Wednesday, the USD stays resilient against its rivals as US stock index futures trade mixed. Read more…

GBP/USD Forecast: Pound Sterling struggles to attract bulls

GBP/USD rose to 1.2800 on Monday but failed to clear that hurdle for the second consecutive trading day. The pair stays in a consolidation phase at around 1.2750 early Tuesday.

The negative shift seen in risk mood helped the US Dollar (USD) hold its ground in the second half of the day on Monday and caused GBP/USD to erase its daily gains. Wall Street’s main indexes started the week on a bearish note and lost between 0.5% and 0.8% on a daily basis. Early Tuesday, US stock index futures trade mixed. Read more…