GBP/USD breaks through 50-day SMA hurdle, reclaims 1.2200 mark ahead of US CPI – by hareshmenghani GBPUSD BOE Fed Inflation Currencies
on Tuesday. Spot prices climb above the 1.2200 mark, hitting a one-and-half-week high during the mid-European session, with bulls looking to extend the momentum beyond the 50-day SMA.
The British Pound gets a boost in reaction to the upbeat UK labor market data, which, along with the prevalent US Dollar selling bias, act as a tailwind for the GBP/USD pair. The UK Office for National Statistics Office for National Statistics reported that the number of people claiming unemployment-related benefits unexpectedly fell by 12.9K in January. Furthermore, Average Earnings excluding bonuses were up 6.7% during the three months to December.
Nevertheless, a sustained strength beyond last week's swing high, which coincided with the 50-day SMA hurdle, and the 1.2200 mark might have already set the stage for additional gains. Hence, some follow-through strength, back towards reclaiming the 1.2300 round figure, looks like a distinct possibility. Traders, however, might refrain from placing aggressive bets and prefer to wait on the sidelines ahead of the US inflation data risk.
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