GBP/USD faces strong resistance at 20- M MA, market eyes UK CPI and BOE meeting this week

• Cable is jumping up for the fourth consecutive days and breaks 1.3200 level. The pair jumped till 1.32231 and is currently trading around 1.31833.
   
• This week is very important for UK pound and major data releases such as UK CPI and BOE meeting to be happened this week. A fresh breakout in GBP/USD above 1.32680 high Aug 3rdc high can happen only after release of data.
   
• Technically the pair has failed to break convincly above 20- month MA in the previous month and currently trading slightly above that level. Any monthly close above that level confirms bullishness, a jump till 1.3400/1.3445.
   
• UK CPI data will be released on Tuesday and is expected to show an increase to 2.8% Y/Y in Aug compared to 2.6% in Jul. UK jobs data is to be released on Wed and its average earnings is expected to show a minor jump to 2.3% vs 2.1% Jul.
   
• The near term resistance is around 1.32680 and any break above will take the pair to next level till 1.3300/1.3345.
   
• The near term support is around 1.3165 (34- H EMA) and any break below will drag the pair down till 1.3092 (Friday low)/1.3075/1.3050. It should break below 1.2800 for further weakness.

It is good to buy above 1.32680 with SL around 1.31990 for the TP of 1.3400/1.34450.