The Pound Sterling retreats from the multi-year highs it reached on Tuesday and registers losses of over 0.40% against the Greenback as traders brace for the release of US inflation data on Friday.
GBP/USD struggles to keep its uptrend above year-to-date high of 1.3266. RSI shifting overbought opened the door for GBP/USD’s retracement. The uptrend will resume once the pair reclaims 1.3266. Downside risks emerge if GBP/USD tumbles below 1.3200. The GBP/USD enjoyed a ride and hit a two-year peak at 1.3266 following Fed Chair Jerome Powell’s speech, yet at the time of writing, the pair trades at 1.3220.
Conversely, if GBP/USD tumbles below 1.3200, this could exacerbate a pullback toward the latest cycle high at 1.3044, hit on July 17. A breach of the latter will expose the 50-day moving average at 1.2857. GBP/USD Price Action – Daily Chart British Pound PRICE Today The table below shows the percentage change of British Pound against listed major currencies today. British Pound was the strongest against the Euro. USD EUR GBP JPY CAD AUD NZD CHF USD 0.54% 0.40% 0.42% 0.12% 0.07% -0.11% 0.
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