Hello dear friends, Yesterday GBPUSD ended its upward trend with a breakout from the ascending channel at the 1.2250 level. Currently, the price is trading within the range of 1.2204 with a downward trend. The targets for this decline are set at 1.2119 and lower at 1.0600.
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GBP/USD lost more than 100 pips on Thursday and erased all the gains it recorded in the first half of the week. Early Friday, the pair staged a rebound and stabilized above 1.2200.
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US Treasury bond yields surged higher on Thursday after the September inflation report and helped the US Dollar (USD) outperform its rivals.
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Gu is decreasing as expected, the possibility of continued decline in the next week.
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If US yields continue to push lower in the second half of the day, the USD could stay on the back foot and allow GBP/USD to stretch higher ahead of the weekend. On the flip side, a cautious opening in Wall Street alongside recovering US yields could weigh on the pair.
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Although the US Bureau of Labor Statistics announced that the annual Core Consumer Price Index (CPI) inflation, which excludes volatile food and energy prices, edged lower to 4.1% from 4.3% as forecast in September, underlying details of the report revived expectations for one more Federal Reserve rate increase later in the year. The so-called 'supercore inflation' increased 0.6% on a monthly basis, highlighting a lack of progress in the sticky part of inflation.
