GBPUSD:
GBP/USD is losing ground after two days of gains, trading around 1.3470 during Asian hours on Tuesday.
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At its August policy meeting, the BoE predicted that inflation would peak at around 4% in September. However, Deputy Governor Clare Lombardelli and MPC member Catherine Mann warned last week that recent inflation shocks should not be viewed as temporary.
The GBP/USD pair is also depreciating as the US dollar (USD) continues to rise, likely following comments by Kansas City Fed President Jeffrey Schmid on Monday. Schmid said the Federal Reserve (Fed) must maintain its inflation credibility and stressed that inflation is too high.
The White House backed away from US President Donald Trump’s statement on Monday that government employees were already being laid off due to the government shutdown, but warned that job losses could occur as the stalemate appears set to enter its seventh day.
Trading recommendation: BUY 1.3470, SL 1.3390, TP 1.3650
Origin: FreshForex
