Technically speaking, we got what we were looking for: A breakout of the cable’s consolidated price range. The GBP/USD broke below 1.3230 after the pair failed to overcome the 1.3285-barrier. The downward movement was mainly due to a strengthening U.S. dollar.
Also, the EUR/USD fell victim to a new round of dollar strength and declined below 1.17. We see a current support at 1.1650 which could stop sellers from entering into new short positions, at least for now. A short-term resistance is, however seen at 1.1740, from where sellers could take the opportunity to sell euros at higher levels.
Today we have the U.S. Consumer Price Index scheduled for release at 12:30 UTC. The headline CPI is due in at 2.9 percent from 2.8 percent which could help boosting the dollar rally. However, a miss could have a bigger impact on the dollar rather than an outcome in line with expectations.
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