$GBPUSD Forex Signal: Further Upside Ahead of UK Inflation Data
and Bank of England. It was trading at 1.2352, which was slightly below this week’s high of 1.2400.The GBP/USD price rose after the UK published a series of important economic data. On Monday, the country released better-than-expected October GDP data. According to the Office of National Statistics showed the economy expanded by 0.5% in October, better than the median estimate of 0.3%. The economy still shrank by 0.3% in the three months to October.
The most important catalyst for the pair was the latest American consumer inflation data. According to the Bureau of Labor Statistics , the headline consumer inflation data showed that inflation dropped to 7.1% in November while core CPI pulled back to 6.0%. Real earnings, which includes inflation, rose by just 0.2%.
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