UK CPI today:Once break SMA200:The liftoff for British Pound ?.

FX:GBPUSD   British Pound / U.S. Dollar
145 0 2
This week, the risk event is FED Meeting where I expect there will a significant move in FX market.

However, from now to that event, we have an important event could trigger a strong reaction to GBPUSD             : UK CPI             .

I see that UK economic data in Maywas mixed : good data accompany with bad data, so it's very difficult to anticipate UK CPI             today, but in my opinion, UK CPI             would be positive. The main reasons is :

- Average Earning pickup.
- Retail Sales recovery.

With two reasons, I believe the coming UK data will be positive and support for Pound.

- Technical Analysis .

Look at on the chart, I see GBPUSD             once breaks SMA200 ( Any break this level always goes with a trend).

Does this break indeed come with a real trend ?. The question will be answered this week.

Moreover, RSI indicator still has room for more uptick.

Strong resistance is at 1.5800 I draw on the chart, this is indeed a strong support, and I think GBPUSD             will test this resistance.

I will hit a BUY position at current price 1.5600, take profit 1.5800, stop loss 1.5400


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