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GBP/USD Jumps Back Above 1.30 Mark, Fresh Session Tops Post-UK CPI


Wednesday, 19 February 2020 17:03 WIB

PoundsterlingGBP/USD


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The GBP/USD pair reversed an early European session dip to the 1.2975 region and seemed headed back towards the top end of its daily trading range post-UK macro data.

Following the previous session's good two-way moves and a range-bound price action through the Asian session on Wednesday, the pair found some support from a subdued US dollar demand. The intraday uptick lacked any strong follow-through and fizzled out rather quickly near 100-hour SMA.

The pair subsequently dropped back closer to the overnight swing low but once again managed to attract some dip-buying following the release of the latest UK consumer inflation figures. According to the report, the headline CPI jumped to 1.8% YoY rate in January as compared to 1.3% previous and 1.6% expected.

Adding to this, the core CPI, Producer Price Index (PPI) also came in stronger than consensus estimates and provided a goodish lift to the British pound. The pair rallied over 30 pips in reaction to the upbeat data, albeit the upside is likely to remain capped amid persistent fears of a no-deal Brexit.

Source : FX Street


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