GBP/USD Trade Planning for GBP CPI Data

Previous 2.3% Expected 2.2%

Anticipation that a good CPI data could push the GBP higher,
bouncing off the near support level of 1.2400.

Trade closed: target reached:

CPI data released at 2.3%
Higher than expectation of 2.2%

This indicates than the UK economy is on course towards the BoE inflation target of 2-3%.

Hence the stronger GBP.