GBPUSD bulls pierce 1.1400 while bracing for US inflation, UK Q3 GDP

  • GBPUSD takes the bids to refresh intraday high, extends bounce off 50-DMA.
  • High hopes form UK PM Sunak underpin recovery despite pessimism surrounding British property markets and hirings.
  • Mixed Fedspeak, downbeat US inflation expectations favor buyers amid sluggish session.
  • US CPI for October could entertain traders ahead of British GDP data, limited upside expected.

GBPUSD renews its intraday high around 1.1410 amid a broad US dollar weakness early Thursday as traders prepare for the all-important US Consumer Price Index (CPI) for October. In doing so, the Cable pair rebounds from the 50-DMA while re-approaching a two-month-old descending resistance line.

The quote’s latest run-up could be linked to the downbeat US Treasury yields following the comments from Minneapolis Federal Reserve (Fed) President Neel Kashkari. Also likely to have favored the pair buyers are the hopes of the UK’s new government led by Prime…

Read more…