UK Inflation on the rise

This morning, the U.K. July inflation was released at +0.4% on month, much above -0.1% expected. On a yearly basis, inflation was published at +1.0%, vs +0.6% expected. Core inflation was also on the rise at +1.8%, above +1.3% expected.

From a technical point of view, on a 30-min chart, GBP/USD remains on the upside, supported by its rising 50-day moving average (in blue) and is challenging its intraday top at 1.3265. The daily RSI is well directed and not overbought. Readers may therefore consider the potential for further advance above horizontal support at 1.3225. In case of a break above 1.3265, the nearest resistance would be set at 1.3290 and a second one would be set at set at horizontal resistance at 1.3320 in extension.

Source: TradingView, GAIN Capital

Related tags: Forex Forex GBP

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