GBP/USD rose another 0.75% on Monday, climbing for a week straight.
The Sterling’s broad recovery against the Greenback is poised to run up against key UK data this week.
UK labor figures are due on Tuesday, followed by UK CPI inflation data on Wednesday.
GBP/USD rose three-quarters of one percent on Monday, climbing for a fifth straight trading session as the Pound Sterling continues to reclaim ground against the softening Greenback. Despite the GBP’s firm run up the charts against the USD, challenges still lie ahead with key UK economic data on the release docket for this week.
UK labor data will be posted early during the Tuesday London market session. The ILO Unemployment Rate for the 3 months ended in February is expected to hold steady at 4.4%, and the Claimant Count Change for March is forecast to ease to 30.3K from February’s 44.2K.
UK Consumer Price Index (CPI) inflation figures will be posted on Wednesday. Headline UK CPI inflation is forecast to tick down to 2.7% YoY from the previous period’s 2.8%, while core CPI inflation is expected to remain stubbornly pinned at 3.5% YoY.
GBP/USD price forecast
GBP/USD is testing multi-month highs near the 1.3200 handle after rising for a week straight. Cable has risen 3.88% bottom-to-top after the last swing low into the 200-day Exponential Moving Average (EMA) near 1.2700.
GBP/USD daily chart
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