The GBP/USD Retraced from Its Previous High due to the Mixed Data Released in UK

Mixed data in the UK pushed the GBP some pips lower against the USD after the input price of manufacturer rose 1.2% MoM in April and dipped 1.5% over the last twelve months, which let investors down and it is lower than the March’s print. On the other hand, output prices in the same period rose 0.7% MoM and 3.3% YoY. 

Investors need to pay further attention to the results of economic indicators that are due today in the US. The producer price index is expected to have YoY growth of 2.1% while MoM forecasts predict there will be no change compared to the previous month. The consumer sentiment index from Reuters/University of Michigan will be released later on and it is expected to rise to 76.5.

GBP/USD is now slightly retracing from its previous day’s high at 1.6104, facing the next support at 1.6067 and next resistance at 1.6143

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