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FxWirePro:GBP/USD trades higher after better than expected UK inflation, good to buy on dips

GBPUSD hits 8- week high at 1.3215 at the time of writing after better than expected UK inflation. UK inflation hits six month high and it rose unexpectedly in Aug at 2.7% compared to forecast of 2.4%. Core inflation rose 2.1% y/y beating market estimate of 1.8% increase.

 

Brexit talks is continuing in Austria and EU has softens Northern Ireland border ‘bäckstop’ plan in bid to avoid no deal.
 

On the higher side, near term resistance is around 1.32150 and any violation above targets 1.3235/1.3300. Any break above 1.3300 will take the pair to next level till 1.3365/1.3400.

 

The near term support is around 1.3128 (20- 4H MA) and any break below targets 1.3070/1.3030/1.3000. Any violation below 1.2965 confirms bearish continuation.

 

It is good to buy on dips around 1.3130 with SL around 1.3070 for the TP of 1.3300.

 

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