GBPUSD: Back to uptrend!
Fundamental Overview
The GBP/USD pair has fallen below 1.2600 early on Thursday after reaching a peak of 1.2680 on Wednesday, marking its highest level in a year. In the short term, the technical outlook for the pair appears bearish, as attention turns to the Bank of England's policy announcements. The US Dollar weakened on Wednesday following the release of data showing that the Consumer Price Index only rose 4.9% on a yearly basis in April, below market expectations of 5%. Despite this, the GBP/USD pair was unable to maintain its bullish momentum due to cautious market sentiment.
The GBP/USD pair has fallen below 1.2600 early on Thursday after reaching a peak of 1.2680 on Wednesday, marking its highest level in a year. In the short term, the technical outlook for the pair appears bearish, as attention turns to the Bank of England's policy announcements. The US Dollar weakened on Wednesday following the release of data showing that the Consumer Price Index only rose 4.9% on a yearly basis in April, below market expectations of 5%. Despite this, the GBP/USD pair was unable to maintain its bullish momentum due to cautious market sentiment.
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