GBPUSD hits fresh highs ahead of UK inflation data
|Cable has fully retraced Monday’s pullback to 1.3046 on fresh rally that probes above Friday’s high at 1.3113. The pair is back to strength after Monday’s consolidation and looking for extension of last week’s strong rally.
Sustained break above 1.3109 (Fibo 38.2% of 1.5016/1.1930 descend) is needed to confirm bullish continuation towards strong barriers at 1.3445 (06 Sep 2016 high) and 1.3473 (weekly cloud top / 50% retracement of 1.516/1.1930).
UK CPI data are in focus with release above 3% expected to give fresh boost to the pound.
Conversely, higher base at 1.3046 (Mon low / Tue Asian session low, also former high of 18 May) could come under increased pressure on CPI reading below forecasted 2.9%).
Res: 1.3149; 1.3200; 1.3253; 1.3300
Sup: 1.3046; 1.3030; 1.3000; 1.2968
Interested in GBPUSD technicals? Check out the key levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.