FxWirePro: GBP/USD trades higher on stronger core CPI, good to sell on rallies

GBP/USD has recovered from low of 1.5154 till 1.5197 after release of UK CPI data.

• UK Core CPI( Y-O-Y) is at +1.1% Versus forecast of +1% and Relative price index (RPI) Y-O-Y came at  0.7%  compared to forecast of 0.9%.
   
• Strong core CPI data gives pound a slight pullback from its low of 1.5150 level but upside is limited due to softer RPI data
   
• Technically Cable is facing minor resistance around 1.5200 and any break above targets 1.5235/1.5260.
   
• Bearish invalidation only above 1.5260 and break above will take the pair till 1.5300/1.5350 level.
   
• On the downside minor support is around 1.5150 and break below will drag the pair further down till 1.5080/1.5050.

It is good to sell on rallies around 1.5202-5205 with SL around 1.5250 for the TP of 1.5150/1.5080