UK CPI provided the boost for the bulls to break above 162.20. From this point on, we will most likely see an uptrend to 164.00 with a resistance at 163.00.
How do we trade? The current nearest support is the role reversal support at 162.20.
Can price go lower than 162.20? The possibility will always be there. FOMC Policy Statement will be in focus later mid-US Session. If you think that FOMC will provide the driver for price to go higher, then there's no choice but to buy near 162.20. Otherwise, it's still a wait and see from here on.