According to the “Office for National Statistics” in the UK, the yearly Consumer Prices Index including owner occupiers’ housing costs (CPIH) fell to 1.5 per cent in October from 1.7 per cent the month before.
UK Inflation Rate. Image source: TradingEconomics.com
This tumble in the overall inflation rate in the United Kingdom manifests the weaker price stability in the country since Late-November 2016, just a few months after the pivotal Brexit vote.
The Consumer Prices Index’s tumble was more substantial than previously expected, as the consensus forecasts projected the inflation rate to contract by only 0.1 percentage points to 1.6 per cent from the previous period.
Therefore, this destabilisation of the price setting in the UK ahead of the Kingdom’s withdrawal from the European Union on the 31st of January 2020 is an early indication of the domestic economic contraction that is yet to come.
Meanwhile, the GBPUSD continues to consolidate above the major support level at 1.27850.
The short-selling sentiment, however, continues to intensify and the pair is likely to form a new bearish trend as soon as the price manages to break down below that level.
GBPUSD 1D Chart. Image source: Trendsharks ©, created with TradingView.com
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