GBP/USD waffled on Thursday, churning in empty yet familiar chart paper between long-term moving averages, with price action sandwiched between the 1.2700 and 1.2600 handles.
GBP/USD is mired in long-term averages near 1.2620. Mixed US data on Thursday left risk appetite in the lurch. US PCE Price Index inflation to round out the week’s data releases. US data came in mixed, leaving market sentiment to grind into the middle as investors await Friday’s key US inflation print. Forex Today: US inflation comes to the fore... again Before key US price growth data, the upcoming US Presidential Election is expected in the early Friday market session.
policymakers use the annual Core PCE Price Index, which excludes volatile food and energy prices, as their primary gauge of inflation. A stronger-than-expected reading could help the USD outperform its rivals as it would hint at a possible hawkish shift in the Fed’s forward guidance and vice versa. GBP/USD technical outlook The Cable has ground to a halt at the 200-day Exponential Moving Average near 1.2611, with the pair hamstrung between 1.2700 and 1.
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