Due to release of data on the US PPI, the buck appreciated quite sharply against the bullion.
Due to market reaction to release of data on the US PPI, the currency rate managed to break through the bottom edge of a senior ascending channel.
The Labour Department revealed that the US producer prices accelerated growth at the strongest pace in four months amid an increase in gasoline prices.
The Sterling continued an upmove in the Wednesday morning, though previous gains were partially offset after the disappointing report on the UK average earnings.
Yesterday the yellow metal slipped below the support at 1,329.68, but then managed to recover.
The Labour Department released its JOLTS report for July, where the amount of job openings rose surprisingly to 6.17M, following a downwardly revised figure of 6.12M in June.
The Sterling jumped against the US Dollar to the highest level since late 2016, as Tuesday reports showed the strong growth in the UK consumer inflation.
Yesterday the currency pair expectedly failed to make a fully-fledged rebound from the bottom trend-line of a dominant formation due to pressure from the 55- and 100-hour SMAs.
The Institute for Supply Management reported that its PMI for the US non-manufacturing sector posted weaker-than-expected increase to 55.3 in August, following the prior month's figure of 53.9.
The GBP/USD currency pair showed modest reaction on the UK economic releases on Friday, as the reports revealed mixed results for July.
The yellow metal's price just recently fell below a significant support level, which indicates at a continuation of the decline of the bullion.
The common European currency continues to trade against the US Dollar, as expected by our analysts.
Last Friday the exchange rate made an expected rebound from the upper resistance line of a medium rising wedge and left the pattern.
The Institute for Supply Management reported that its PMI for the US non-manufacturing sector posted weaker-than-expected increase to 55.3 in August, following the prior month's figure of 53.9.
The GBP/USD currency pair showed modest reaction on the UK economic releases on Friday, as the reports revealed mixed results for July.
Last Friday the currency pair expectedly ended in a red zone, reaching a combination of the 55-hour SMA and the weekly PP at 1.1999
Yesterday the exchange rate expectedly continued to climb to the top, using a support provided by the 55- and 100hour SMAs.
The Institute for Supply Management reported that its PMI for the US non-manufacturing sector posted weaker-than-expected increase to 55.3 in August, following the prior month's figure of 53.9.
The Institute for Supply Management reported that its PMI for the US non-manufacturing sector posted weaker-than-expected increase to 55.3 in August, following the prior month's figure of 53.9.
An announcement of the EU Minimum Bid Rate and the subsequent remarks delivered by Mario Draghi once again led to sharp advance of the currency pair.
A release of data on the US ISM Non-manufacturing did let the pair to use an upside momentum provided by the 55-hour SMA to try to reach the monthly R1 near 1,348.36
The Institute for Supply Management reported that its PMI for the US non-manufacturing sector posted weaker-than-expected increase to 55.3 in August, following the prior month's figure of 53.9.
The Institute for Supply Management reported that its PMI for the US non-manufacturing sector posted weaker-than-expected increase to 55.3 in August, following the prior month's figure of 53.9.
During the whole previous trading day the currency pair was expectedly moving along the moving averages in minor ascending channel.