GBP/USD went into a consolidation phase near 1.2800 early Wednesday following a two-day slide. The pair's near term technical outlook is yet to point to a buildup of bullish momentum but buyers could take action once 1.2800 is confirmed as support.
GBP/USD came under heavy bearish pressure and declined below 1.2750 in the early trading hours of the American session on Tuesday after the US inflation data. The Consumer Price Index (CPI) and the Core CPI both rose 0.4% on a monthly basis in February, the US Bureau of Labor Statistics reported. The benchmark 10-year US Treasury bond yield climbed above 4.1% and helped the US Dollar (USD) gather strength against its rivals.
GBP/USD came under heavy bearish pressure and declined below 1.2750 in the early trading hours of the American session on Tuesday after the US inflation data. The Consumer Price Index (CPI) and the Core CPI both rose 0.4% on a monthly basis in February, the US Bureau of Labor Statistics reported. The benchmark 10-year US Treasury bond yield climbed above 4.1% and helped the US Dollar (USD) gather strength against its rivals.
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