GBP/USD daily chart: Stalemate below 1.3000 figure as the US CPI comes in below expectations

GBP/USD daily chart

• GBP/USD bulls are facing a strong resistance comprised of 1.3000 figure and the 50 and 100-day simple moving average. The US Core CPI for October YoY came in at 2.1% vs. 2.2% forecast. 
• The 50 SMA is crossing above the 100 SMA, which is called a golden cross and potentially bullish in the coming sessions. 

GBP/USD 4-hour chart

• GBP/USD is currently supported above the 50 SMA. 
• As technical indicators are decelerating the market might have a fast drop to the 1.2850 level any time.

GBP/USD 30-minute chart

• GBP/USD is trading inside yesterday’s range trapped between the 50 and 100 SMA. 
• Both bulls and bears have valid arguments, however, the 50 SMA crossed above the 200 SMA suggesting bullish momentum.
• Bulls need a beak above 1.3000 on a daily closing basis while bears need a break below the 1.2850 level.

Additional key levels at a glance: