GBP/USD steadies above 1.2200, focus shifts to UK Inflation and US PMI
The GBP/USD pair is oscillating in a narrow range of 1.2205-1.2233 in the early Asian session after a minor rebound from a low of 1.2173, recorded on Friday. The pair is displaying a balanced market profile and is expected to turn imbalance as higher expectations of Consumer Price Index (CPI) figures by the UK economy will spurt the recession fears and will weaken the cable further.
GBP/USD Weekly Forecast: Recovery at risk, with UK inflation, Powell ahead
Another weekly decline showed that there was little reprieve for GBP bulls. The GBP/USD recovery from two-year lows of 1.1933 faltered amid the Fed-BOE monetary policy diversion and dire UK economic outlook. Attention now turns tothe critical UK inflation report and Fed Chair Jerome Powell’s testimony in the week ahead for fresh trading impulse for cable traders.