UK inflation jumps to 2.3%, underscoring BoE’s stance for gradual rate cuts

British inflation jumped by more than expected last month to rise back above the Bank of England’s 2% target and underlying price growth gathered speed too, showing why the BoE is moving cautiously on interest rate cuts. Consumer prices rose by an annual 2.3% in October.

The last session saw the Pound drop 0.3% against the Dollar. According to the Stochastic indicator, we are in an oversold market.
Support: 1.253 | Resistance: 1.2783