GBP/USD Plunges to 1.2620 on Weak UK Data and Dollar Strength
GBP/USD has fallen sharply by 0.8% (100 pips) to 1.2620, pressured by disappointing UK economic data and persistent dollar strength. The decline accelerated after UK inflation data came in softer than expected, reducing expectations for Bank of England rate hikes. USD/JPY remains under pressure near 154.70 despite the broad dollar bid, as intervention concerns cap gains. Market participants are also monitoring NVIDIA earnings for potential risk sentiment shifts that could impact safe-haven flows. The US Dollar Index has pushed above 106.50, reaching multi-month highs as traders price in a more hawkish Federal Reserve outlook. Technical analysis shows GBP/USD breaking below the 1.2650 support level, opening the path toward 1.2580. Immediate resistance now sits at 1.2680, with momentum indicators suggesting further sterling weakness ahead unless UK data improves markedly.
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