Inflation data for the UK showed a modest increase. Headline inflation rose 2.1% on the year ending July 2019. This was slightly above estimates of a 1.9% increase and up from 2.0% registered in the month before. Core inflation was seen inching from 1.8% to 1.9% in July on the year. The data, however, failed to move the sterling higher on the day.
GBPUSD Maintains its Flat Range
The GBPUSD currency pair continues to remain trading within the established range of 1.2082 and 1.2026. The descending wedge pattern remains in play, however. This indicates a possible breakout to the upside. This bias holds as long as GBPUSD doesn’t break down below the 1.2026 level where the previous lows were established.
