GBP/USD trades in positive territory slightly above 1.2700 early Wednesday as markets assess latest inflation readings from the UK.
GBP/USD trades slightly above 1.2700 in the European morning on Wednesday. October inflation figures from the UK came in above market expectations. The technical outlook points to a bullish tilt in the near term. The pair's near-term technical picture highlights a buildup of recovery momentum. British Pound PRICE Today The table below shows the percentage change of British Pound against listed major currencies today. British Pound was the strongest against the Japanese Yen.
GBP/USD Technical Analysis The Relative Strength Index indicator on the 4-hour chart climbed above 50early Wednesday, highlighting an increasing buyer interest. GBP/USD was last seen trading slightly above 1.2700, where the Fibonacci 23.6% retracement level of the latest downtrend is located. In case the pair confirms this level as support, it could face next resistance at 1.2740-1.2750 , Fibonacci 38.2% retracement) before 1.2800 . If GBP/USD fails to stabilize above 1.
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