GBP/USD Price Analysis: The key upside barrier is seen at the 1.2800–1.2805 zone
The GBP/USD pair holds positive ground around 1.2765 during the early European session on Thursday. The uptick of the pair is supported by the weaker US Dollar (USD) and improved risk-on sentiment. Traders await the December US Consumer Price Index (CPI) for fresh impetus. The Core CPI is projected to grow 3.8% YoY, while headline inflation is estimated to rise 3.2% YoY versus 3.1% prior. Read more…
GBP/USD gains traction above the mid-1.2700s, US CPI data looms
The GBP/USD pair gains momentum above the mid-1.2700s during the early Asian session on Thursday. The US Dollar (USD) weakness and risk-on environment lend some support to the major pair ahead of the key US inflation data, due later on Thursday. GBP/USD currently trades around 1.2760, up 0.21% on the day.
Late Wednesday, New York Federal Reserve (Fed) President Williams spoke on the 2024 economic outlook. Williams said that US interest rates will need to remain high “for some time” until central bank authorities are sure that inflation will return to the 2% target. According to the WIRP, the markets have priced in 5% odds of a rate cut on January 31 and nearly 70% possibility of rate cuts on March 20. This, in turn, might exert some selling pressure on the Greenback and act as a tailwind for the GBP/USD pair. Read more…
Source: https://www.fxstreet.com/news/pound-sterling-price-news-and-forecast-gbp-usd-gains-ground-near-12765-202401110552