The UK consumer price index rose up again by 0.2% in May on the month basis as the previous month. The value is in line with expectations. The labor market indicators point out to the consumer prices increase there was the unemployment decrease and average earnings increase in the beginning of spring. The Bank of England indicated that inflation would be negative in the short term.
From the technical point of view, the upward trend remains stable due to the resistance level of 1.5550 breakthrough.
The price is finding the first support at 1.5550, the next one is 1.5460. The price is finding the first resistance at 1.5670, the next one is at 1.5775.
There is a confirmed and a strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen shows an upward movement and the Kijun-sen shows a horizontal movement. The upward movement will be until the price is above the Cloud.
The MACD histogram is in a positive territory. The price is increasing.
The pair can grow to the resistance level of 1.5670. After breaking 1.5670 the buyers may go to 1.5775.Publication source