GBP/USD Outlook: Pound Strengthens as Softer U.S. Inflation Weighs on Dollar
GBP/USD remains biased to the upside after a weaker-than-expected U.S. inflation report reduced expectations of an immediate Federal Reserve rate hike. The softer CPI and PPI data pushed the U.S. Dollar Index toward a one-month low, allowing sterling to recover despite lingering concerns over the UK growth outlook.
Markets are now shifting their focus to upcoming central bank commentary and fresh labor market data for clues on the next major move. (Reuters)
From a technical perspective, GBP/USD is trading around 1.3530–1.3540, maintaining its position above the key psychological support at 1.3500. Buyers continue defending higher lows, suggesting the broader uptrend remains intact. Immediate resistance lies near 1.3600, followed by 1.3665, where previous swing highs could attract profit-taking.
On the downside, a break below 1.3500 may expose 1.3440, while stronger support is located near the 50-day moving average around 1.3380. Momentum indicators remain constructive, with the RSI holding above the neutral 50 level and price trading comfortably above short-term moving averages, favoring bullish continuation unless sentiment shifts sharply. (Investing.com)
For traders, the near-term outlook remains cautiously bullish. A sustained daily close above 1.3600 could trigger another leg higher toward 1.3700.
However, renewed geopolitical tensions or unexpectedly hawkish comments from Federal Reserve officials could quickly revive dollar demand and cap sterling gains.
Until then, buying pullbacks toward major support levels appears to offer a more favorable risk-to-reward setup than chasing rallies. As always, traders should monitor upcoming macroeconomic releases closely, as GBP/USD is likely to remain highly sensitive to shifts in interest rate expectations.Market Forecast Hub
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