GBP/USD reacts to UK CPI

Source: Dukascopy Bank SA


On Tuesday, GBP/USD found support in the weekly S1 simple pivot point at 1.2373 and recovered as high as the 1.2450 mark, before the United Kingdom Consumer Price Index data was released. The inflation data caused an increase of volatility with an initial spike to the resistance zone at 1.2470/1.2485 and a follow up decline that almost reached 1.2400.

A resumption of the previous decline of the Pound against the US Dollar might look for support in the 1.2400 mark, the 1.2390/1.2395 range, the weekly S1 simple pivot point at 1.2373. Further below, note the April low level zone at 1.2345/1.2350.

Meanwhile, a recovery of the GBP/USD could be stopped by the combination of the weekly simple pivot point at 1.2459, the 200-hour simple moving average and the 1.2470/1.2485 range. Higher above, take into account the 1.2500 mark and the weekly R1 simple pivot point at 1.2528.
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