The $GBPUSD pair rose cautiously as the recent strong sell-off took a breather.
The GBP/USD pair has been in a strong sell-off in the past few days as concerns about Ukraine remain. There are concerns that theeconomy will be hit after the recent sanctions on some of the wealthiest Russians. Most of the oligarchs have invested heavily in several sectors in the UK like real estate, finance, and retail.
Precisely, they expect that the headline consumer price index rose from 7.5% in January to 7.9% in February. If they are accurate, this will be the biggest increase in inflation since the 1980s. Still, the biggest worry among traders, Americans, and policymakers is not February’s inflation data. The focus is on what will come after Russia invaded Ukraine. In the past two weeks, the price of natural gas has risen close to a record while the crude oil price has moved to the highest point in over 14 years. Gasoline price is averaging at over $4 per gallon.
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