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The GBP/USD exchange rate continued rising after the US published the latest US consumer price index data. Numbers published by the Bureau of Labor Statistics revealed that US inflation dropped from 4.1% in May to 3.0% in June this year. Core inflation dropped below 5% for the first time since 2021.
Therefore, the US dollar dropped sharply as investors assessed the impact of the falling inflation and softening labor market on the Federal Reserve. Earlier this month, data showed that theMost analysts expect the Federal Reserve to hike rates by 0.25% this month followed by a pause. On the other hand, the Bank of England is expected to continue hiking rates since inflation is a major challenge in the country.
These numbers are significantly above the 2% target even as the British pound jumped by more than 25% from last year’s low. A stronger pound helps to reduce inflation since the UK is a net importer of important goods like crude oil and natural gas.GBP/USD Technical Analysis The GBP to USD exchange rate peaked at 1.3141 on Friday. On the 4H chart, the pair remains above all moving averages. It also flipped the crucial resistance level at 1.2847 into a support.
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