GBP/USD struggling to extend momentum beyond 1.2300, up-next US CPI

Upbeat UK CPI print helped the British Pound to gain traction, lifting the GBP/USD pair to a fresh four-day high level of 1.2304 handle.

Currently trading around 1.2280 region, the pair lacked follow-up momentum and struggled to build on to its move above 1.2300 handle as investors await for today's release of US CPI print, later during NA trading session. 

The pair, however, has broken through recent trading range after an unexpected jump in UK CPI for the month of September and hence, increases possibilities of further up-move from current levels. 

During the course of current trading week, other important UK macro releases would also contribute towards determining the pair's next leg of directional move apart from Fed rate-hike expectations, which remains a key driver of the US Dollar price dynamics in the near-term.

Technical levels to watch 

From current levels, bullish momentum above 1.2300 handle is likely to boost the pair immediately towards 1.2325 resistance above which the pair seems all set to head towards its next major hurdle near 1.2375 region.

On the downside, 1.2250-40 region now becomes immediate support, which if broken seems to drag the pair back towards 1.2200 handle en-route its next major support near 1.2130-25 region.


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