(function() { var didInit = false; function initMunchkin() { if(didInit === false) { didInit = true; Munchkin.init('105-GAR-921'); } } var s = document.createElement('script'); s.type = 'text/javascript'; s.defer = true; s.src = '//munchkin.marketo.net/munchkin.js'; s.onreadystatechange = function() { if (this.readyState == 'complete' || this.readyState == 'loaded') { initMunchkin(); } }; s.onload = initMunchkin; document.getElementsByTagName('head')[0].appendChild(s); })();(function(h,o,t,j,a,r){ h.hj=h.hj||function(){(h.hj.q=h.hj.q||[]).push(arguments)}; h._hjSettings={hjid:1422437,hjsv:6}; a=o.getElementsByTagName('head')[0]; r=o.createElement('script');r.defer=1; r.src=t+h._hjSettings.hjid+j+h._hjSettings.hjsv; a.appendChild(r); })(window,document,'https://static.hotjar.com/c/hotjar-','.js?sv=');

GBP/USD Pushes Higher—UK CPI Could Change The Picture

Article background

Aayush Jindal

Key Highlights

  • GBP/USD started a steady increase above the 1.3250 resistance.
  • It cleared a contracting triangle with resistance at 1.3275 on the 4-hour chart.
  • USD/JPY is still consolidating below the 159.00 resistance.
  • The UK CPI could increase 3.4% in Sep 2026 (YoY).

GBP/USD Technical Analysis

The British Pound started a fresh increase against the US Dollar. GBP/USD surpassed 1.3250 and 1.3300 to move into a positive zone.

Looking at the 4-hour chart, the pair surpassed the 38.2% Fib retracement level of the downward move from the 1.3756 swing high to the 1.3136 low. More importantly, the pair settled above the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour).

If there are more gains, the pair could face resistance at 1.3400 and the 50% Fib retracement. The first major resistance might be near 1.3440. A close above 1.3440 could start a steady increase. In the stated case, the pair might even surpass 1.3500.

Conversely, the pair could see a pullback. Immediate support could be near the 200 simple moving average (green, 4-hour) at 1.3340. The first major support might be 1.3320.

A close below 1.3320 might accelerate the decline. In the stated case, the pair might drop to 1.3250 and the 100 simple moving average (red, 4-hour). The main support might be close to 1.3200.

Looking at USD/JPY, the pair is still struggling to settle above 159.00 and might see a downside reaction.

Upcoming Key Economic Events:

  • UK Consumer Price Index for Sep 2026 (YoY) – Forecast +3.4%, versus +3.1% previous.
  • UK Core Consumer Price Index for Sep 2026 (YoY) – Forecast +2.7%, versus +2.6% previous.
Excellent
Google Reviews
Open a Live accountOpen a Demo account
Loading