GBP/USD PRICE FORECAST: RALLY PAUSES NEAR 1.3300 AMID TRADE TALKS AND USD STRENGTH
GBP/USD PRICE FORECAST: RALLY PAUSES NEAR 1.3300 AMID TRADE TALKS AND USD STRENGTH
GBP/USD Pulls Back After Reaching 1.3292
The GBP/USD currency pair experienced a modest decline to approximately 1.3230 during Thursday's European trading session, retreating from its recent high of 1.3292 reached earlier in the week.
The US dollar attracted bids following meaningful progress in trade talks between the United States and Japan, which bolstered investor confidence in the greenback.
Despite the pullback, the British pound remained resilient, largely overlooking lower-than-expected inflation data.
This suggests that the market is focusing on broader economic factors rather than short-term data points.
Technical analysis indicates that the Relative Strength Index (RSI) is approaching overbought territory, suggesting that the recent rally may be losing momentum and a consolidation phase could be imminent.
Investors are closely monitoring upcoming economic data, including U.S. retail sales figures and Federal Reserve communications, which could provide direction for the GBP/USD pair in the near term.
