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Short

GBP/USD trades weak on softer CPI, good to sell on rallies

FX:GBPUSD   British Pound/U.S. Dollar
345 1 7
Major Resistance – 1.4550

Major support- 1.4445 (55 day 4H EMA )

Cable has retreated from high of 1.45239 after softer CPI             data. It is currently trading around 1.4470 level.

UK CPI             came at 0.3% y/y compared to forecast of 0.5% Y/Y.

Short term trend is bearish as long as resistance 1.4550 holds.

Any indicative break above 1.4550 will take the pair to next level till 1.4600/1.4660.The minor resistance is at 1.4530

On the lower side any break below 1.4450 will drag the pair till 1.4400/1.43250 level.

It is good sell on rallies around 1.4465-1.4470 with SL around 1.4530 for the TP of 1.4360/1.4325
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