11 December 2024, GBP/USD
Event to pay attention to today:
15:30 EET. USD - Consumer Price Index
GBPUSD:
GBP/USD found room to rally on Tuesday, gaining nearly 0.2% and returning to 1.2800, aiming for a key price level that has challenged bullish momentum in recent days. Pound traders are straining in anticipation of Wednesday's release of US consumer price index (CPI) data.
There is a limited amount of GBP-centric data this week as the UK only has mid-sized economic releases on the calendar, leaving the pair to focus solely on this Wednesday's CPI inflation, which will be one of the last key releases before the Federal Reserve's (Fed) last meeting in 2024. Signs that inflation progress has stalled could kill hopes for a third consecutive rate cut on December 18. With the current rate cut on Wednesday, US CPI inflation for November is expected to rise slightly to 2.7% y/y from the previous reading of 2.6%, while core annual CPI is expected to remain at 3.3%.
GBP/USD is struggling with short-term chart fluctuations near 1.2800, with the pair in a dead zone near 1.2830. Price has been slowly recovering after hitting a bottom near 1.2500 in late November, but bullish momentum is facing challenges.
Trading recommendation: Watch the level of 1.2800, when fixing above consider Buy positions, when rebounding consider Sell positions.
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