Forex Chart Of The Day: GBPUSD Breaks Highs After US CPI Data

The price of GBPUSD has broken into new highs after the US CPI data was released. Will the price continue to move higher?

Watch the video to learn more…

GBPUSD Analysis

The US CPI data came in lower than expected causing the USD to weaken and the price of cable to trade though highs. The USD CPI m/m fell from 0.4% to 0.1% and the Core CPI m/m fell from 0.3% to 0.2%. This almost confirms the move for the Federal Reserve to hike interest rates from 4.00% to 4.50%. Investors could now be looking to front run the data release tomorrow and the USD could weaken ahead of the announcement.

The price of Cable has broken through the recently formed highs at 1.2345. A daily close above this level would confirm buyers are in control and we could look for the market to trade to the next level of resistance of 1.2625. On the 4hr chart we can see that the price had been consolidating in a tight trading range. If the price were to retest the range and bullish price action occurred we could look for further long ideas. 

Did you see our USDJPY Analysis? You can see it here.

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About The Author

Jonathan Kibbler

Jon Kibbler, our Senior Market Analyst, boasts over a decade of trading experience. He specializes in dissecting the intricacies of financial markets and sharing his expertise with precision. Jon’s insights have been featured at renowned events and platforms like Coindex, Forex Analytix, and Forex.com.

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