FxWirePro: GBP/ CAD consolidates break above 200-DMA, pound buoyed after upbeat UK inflation data

GBP/CAD chart - Trading View 

GBP/CAD was trading 0.31% higher on the day at 1.7332 at around 10:40 GMT, outlook turning bullish.

The pair is consolidating break above 200-DMA and is on track for further upside.

Price action has ignore back-to-back spinning top and gravestone doji formations on the daily candles and edged higher.

The pair spiked higher on the day after better-than-expected UK CPI figures provided a goodish lift to the British pound. 

Data released earlier today by the Office for National Statistics showed UK headline CPI rose 2.5% YoY in June as against consensus estimates at 2.2% and 2.1% previous.

Core CPI jumped to a 2.3% YoY rate during the reported month compared to 2.0% recorded in May.

Analysis of the GMMA indicator shows minor trend is strongly bullish, while minor trend is turning bullish. MACD and ADX support upside. 

Momentum is strongly bullish. Stochs and RSI are sharply higher. Volatility is high and rising as evidenced by widening Bollinger bands. 

The pair is on track to test 110-month EMA at 1.7656. 200-DMA is strong support at 1.7269, retrace below negates any further upside.