The GBP/USD pair registered sharp movements in both directions after the US inflation data publication. The US reported mixed data and the USD remains bearish versus its rivals. It's located at 1.2212 below 1.2241 today's high.
Fundamentally, the UK and US data could be decisive tomorrow. The United Kingdom Gross Domestic Product is expected to report a 0.2% drop after the 0.5% growth in the previous reporting period. On the other hand, the US Prelim UoM Consumer Sentiment could jump from 59.7 to 60.8 points.
GBP/USD Upside Pressure!
GBP/USD tested and retested the 1.2111 registering only false breakdowns. Now, it has passed above the 1.2209 static resistance and could soon challenge the 150% Fibonacci line and 1.2241.
Failing to stay below the upper median line (uml) and the false breakdowns below 1.2111 announced that the bulls are in the game.
GBP/USD Outlook!
Taking out the resistance levels represented by the 150% Fibonacci line and 1.2241 may announce further growth. Closing and stabilizing above these resistance levels activates further growth and brings new long opportunities.
