A 3 point fall in inflation means nothing to GBP/USD bulls as the fall to 1.6938 has been reversed and there’s every chance that we might have a look at 1.70. 1.6989 is the high so far from the move back and 1.6995 capped the highs after the break and fall back through of 1.70 yesterday.
1.6940 was a level Mike noted and it’s also the 100 mma (1.6937). Below that, support at 1.6920 is first before a look at the Oct 2013 support line at 1.6895.
GBP/USD daily chart 17 06 2014
1.70 and 1.7042 are still the levels to beat above.