GBPUSD falls to the psychological level 1.20000 for the second time after retracing from the double top resistance 1.22500. Fresh momentum is expected in the upcoming Consumer Price Index released by the National Statistics which measure the price movement by the comparison between the retail prices of a representative shopping basket of goods and services.
As of writing , current market is seen floating just above 1.20000 mark is expected to raise to the next resistance level at 1.22500 with the minimum risk at 1.19500 for 1:5 risk ratio. On the other side, US Dollar is seen hawkish for the third successive day which turns out for a downward pressure on the GBPUSD pair. If GBPUSD breaks the psychological level 1.20000, dovish tone will be seen falling to the lower support 1.17500.
