FX : GBP/USD: Pound breaks above 1.6400 on a higher than expected CPI
FXstreet.com (Barcelona) - The Pound has finally broken above 1.6400 resistance area as UK CPI posted a flat monthly performance and rose 1.6% month on month, beating forecasts of a 0.2% monthly decline and a 1.6% increase year on year.
GBP/USD bounce on 1.6275 month-low ha extended to levels above 1.6400, and the Pound prints a new intra-day high at 1.6456 before pulling beck to 1.6430.
In case of consolidating above 1.6400, next resistance level lies at 1.6450, and above here, 1.6520 (Aug 17 high) and 1.6550. On the downside, in case of a pull back below 1.6400, support levels could be located at 1.6325 intra-day low, and below here, 1.6265 (Aug 17 low) and 1.6200.
