GBP/USD: Pound strengthened after inflation came in above target – again, trading marginally lower this morning

GBP USD

GBPUSD Movement

For the 24 hours to 23:00 GMT, GBP rose 0.39% against the USD and closed at 1.6443, after a strong consumer price inflation data.

In the UK, on an annual basis, the consumer price inflation rose to 4.4% in July, compared to a rate of 4.2% recorded in June. Additionally, the retail price inflation remained unchanged at 5.0% (Y-o-Y) in July, in line with market estimates.

The pair opened the Asian session at 1.6443, and is trading slightly lower from yesterday’s close at 23:00 GMT.

The pair has its first short term resistance at 1.6500, followed by the next resistance at 1.6567. The first support is at 1.6343, with the subsequent support at 1.6253.

Investors are eyeing the Bank of England Minutes along with other economic releases in the UK to be released later today.

The currency pair is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.

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