FxWirePro: GBP/USD recovers slightly after UK CPI data, good to buy on dips

• Cable has shown a minor jump till 1.33799 from the low of 1.33305 on better than expected UK CPI data.UK inflation rose to 3.1% compared to forecast of 3.0% highest level in six years. The inflation is higher than average weekly wages which is at 2.2%. The pair declined slightly after a sudden spike and is currently trading around 1.33540.
   
• Market await UK jobs data which is to be released tomorrow and BOE monetary policy meeting for further direction.               
   
• On the lower side, near term support is around 1.3300 and any break below will drag the pair to next level till 1.3225/1.3175. Short term bullish invalidation only below 1.30280.
   
• The near term resistance is around 1.3550 and any break above will take the pair to next level till 1.3600/1.3680. The minor resistance is around 1.3380/1.3435.

It is good to buy on dips around 1.3300 with SL around 1.32300 for the TP of 1.3545/1.3600.