The British pound continued its descent, but price seems to have steadied for the moment. Economic data remains sparse with only the inflation report hearing due later in the day. This comes ahead of the inflation due later in the week. Headline inflation is forecast to rise 2.2% on a year over year basis in April. Stalemate on Brexit talks continues with no agreement in sight within the UK’s parliament.
Can GBPUSD Hold Steady Near Current Lows?
The GBPUSD has been consolidating near the support level of 1.12716. While the Stochastics oscillator remains very oversold, there is scope for an upside bounce. A close above 1.2755 could potentially confirm a corrective move. The initial target is seen at 1.2897 followed by 1.2975.