The pound sterling, which initially slipped to a five-month low recovered on the day on Wednesday. The UK’s inflation report saw consumer prices rising 2.0% on the year ending May, while the core inflation rate also rose 1.7% on the year. The Bank of England will be holding its monetary policy meeting later today. No changes are expected from the central bank.
Will the GBP/USD Continue to Trend Higher?
The currency pair was initially trading within the range of 1.2716 and 1.2606. Price broke the downside of the range before settling back inside. The current gains in prices have pushed GBP/USD closer to the upper range of 1.2716. A breakout above this level is required to confirm the recent gains. This will leave GBPUSD to test the next main target at 1.2897.
