Following a modest uptick a week ago, Pound Sterling returned to the red zone against the United States Dollar (USD), setting a three week low for GBP
Pound Sterling sellers returned, smashing GBP/USD to a three-week low. GBP/USD is set to rock on Federal Reserve and Bank of England policy announcements. GBP/USD confirmed a symmetrical triangle breakdown , with a Death Cross in play. /USD below the 1.2100 mark. GBP/USD’s short-term technical outlook remains in favor of sellers, as traders look forward to the central banks bonanza week.
com Inc earnings ahead of the US Core Personal Consumption Expenditures - Price Index, the Fed’s preferred inflation measure. On Friday, GBP/USD found demand on encouraging news. On the one hand, the USPersonal Consumption Expenditures Price Index, was up 3.4% YoY, while the core PCE index, Fed’s favorite inflation measure, rose 3.7%, easing from the previous 3.8%. On a monthly basis, however, the PCE Price Index and the Core PCE Price Index increased 0.4% and 0.3%, respectively.
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