On Wednesday, GBPUSD retreated towards the low it reached on January 4th; investors continue selling the pair.
The British Pound is feeling worse and worse. Market players aren’t letting up selling the pair, now it’s seventeen trading sessions in a row with short pauses. The current quote for GBPUSD is 1.2665.
Last night, the Pound tried to rise, but almost succeeded. The catalyst was the piece on news that the British Prime Minister Theresa May suggested to hold another Brexit referendum. However, this offer will be valid only if the Parliament approves the Brexit agreement with the European Union. The Parliament decline this idea and offered no ideas of its own, as usual.
There will be a lot of interesting numbers for the Pound today. In the afternoon, the United Kingdom is going to report on the PPI Input and Output for April, both are expected to improve. Positive readings may help the Pound to reach stability.
At the same time, there will be the CPI and the Core CPI for April. The first report is expected to show 2.2% y/y after 1.9% y/y in March, while the second one may go from 1.8% y/y to 1.9% y/y. Improvement of the indicator may be a sign of economic stabilization in the United Kingdom, which is very positive for the British currency.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.