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GBP/USD looks to 1.3265 post CPI data
GBP/USD rises after hotter than expected service sector inflation data. While headline CPI remained at 2.2%, services & core inflation were hotter than expected, supporting the view the BoE will keep rates unchanged tomorrow. Further gains in GBP/USD could come if the Fed cuts rates by 50 bps later today.
GBP/USD trades above its rising trendline; the price has recovered from the 1.30 low as it rises above 1.32, the round number, and heads towards 1.3265, the 2024 high. A rise above here brings 1.33 into focus.
Support can be seen at 1.3140, the July 2023 high, and a break below here opens the door to 1.30. Sellers need to take out 1.30 to create a lower low.
GBP/USD trades above its rising trendline; the price has recovered from the 1.30 low as it rises above 1.32, the round number, and heads towards 1.3265, the 2024 high. A rise above here brings 1.33 into focus.
Support can be seen at 1.3140, the July 2023 high, and a break below here opens the door to 1.30. Sellers need to take out 1.30 to create a lower low.
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