For the first time in 8 months, consumer price index posted a rise. This justified the Pound’s recent rise, the relatively hawkish rate decision . The Pound got more fuel to reach the next levels. It is still far from the next resistance level, and has room to rise. But currently,, it’s giving in to the dollar, which is rising across the board. Let’s see what’s next for cable. Consumer Price Index (CPI) rose in Britain by an annualized rate of 1.5%. This exceeded expectations of a 1.4% rise and was better than last month’s 1.1% rise which was too close to the bottom border of the target inflation rate. Also Core CPI made a small surprise and went up by 1.8%, more than last month’s 1.7% rise. Retail Price Index, RPI is also an important inflation figure. It is sometimes considered a better indicator for prices in Britain. Here, prices have been dropping, and also this time, there was a drop of 0.8% – an 8th consecutive drop. But, also this exceeded expectations that stood on a 0.9% drop. This rise in prices happens despite the fact that Britain is lagging behind the world, and still suffering from recession. GBP/USD returned to last week’s high level of 1.6843, and even pushed forward to 1.6860 in recent hours. There was no resistance line there. After the release, GBP/USD rose slightly, reaching 1.6870. This rise is still hesitant. But about half an hour later, the dollar began a strong move across the board. The Pound didn’t escape this dollar sweep, and lost ground, currently trading at 1.6780. What’s next for the Pound? A major resistance line appears at 1.7040, the year-to-date high that the Pound reached in August before tumbling down. So, the Pound has over 150 pips of space to climb rather easily, before meeting resistance. Further above, 1.7440 is the next resistance line. Looking down, 1.67 still serves as a support line. Tomorrow, the MPC Meeting Minutes is awaiting the Pound at 9:30 GMT. We’ll get to see where the wind blows towards more quantitative easing (Pound-bearish) or a shift of tone towards a future rate hike (Pound-bullish). weekly GBP/USD forecast. Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Forex News Today: Daily Trading News share Read Next List of Top 10 blogs updated Yohay Elam 13 years For the first time in 8 months, consumer price index posted a rise. This justified the Pound's recent rise, the relatively hawkish rate decision . The Pound got more fuel to reach the next levels. It is still far from the next resistance level, and has room to rise. But currently,, it's giving in to the dollar, which is rising across the board. Let's see what's next for cable. Consumer Price Index (CPI) rose in Britain by an annualized rate of 1.5%. This exceeded expectations of a 1.4% rise and was better than last month's 1.1% rise which was too… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.