GBP/USD moves to the upside on slowing UK CPI data
The GBP/USD rebounded on expectations that the inflation rate will remain unchanged at 0.5 percent. The Bank of England (BOE) is not expected to increase rates until 2017, thus supporting the British pound.
The GBP/USD needs to break the strong resistance point 1.4545 in order to continue surging higher and to pave the way toward 1.4575 and 1.4595.
However, a slowdown in the UK core inflation data may push out bets for a BOE rate hike, thus opening the door for a downside trend.
Cutting 1.4360 will trigger a lower leg to reach 1.4345 and 1.4315 respectively.
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