GBP/USD technical analysis: Cablet range play intact near 1.2750 post-US inflation

  • The American Core Consumer Price Index (YoY) came slightly below expecations at 2.1% vs. 2% forecast. 
  • The news had a limited reaction on Cable.

GBP/USD daily chart

GBP/USD is in consolidation mode after the intense selling seen in May. The recovery is for now capped at 1.2750 resistance.

GBP/USD 4-hour chart

Cable is challenging 1.2750 while above its 50 and 100 SMA suggesting a consolidation for the time being.

GBP/USD 30-minute chart

The range theme stays intact as GBP/USD is trading between the 1.2650 and 1.2750 levels. Buyers need a break beyond 1.2750 to get to 1.2800 while bears need a breakdown below 1.2700 to reach 1.2650 and 1.2600 figure.

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