FX.co ★ GBP/USD analysis on 10 February, 2022

GBP/USD gained traction in the early European session and climbed above 1.3550 before going into a consolidation phase. The US Bureau of Economic Analysis will release the January CPI data and BOE Governor Bailey will deliver a speech later in the day.

GBP/USD trades above the 200-period SMA on the four-hour chart and the Relative Strength Index (RSI) is rising toward 60, suggesting that the near-term bullish bias stays intact.

1.3600 (psychological level) aligns as the next immediate target on the upside before 1.3620 (static level) and 1.3650 (static level).

In case the pair reverses its course on strong CPI figures, 1.3540 (200-period SMA) is the first support ahead of 1.3520 (Fibonacci 38.2% retracement of the latest uptrend, 100-period SMA) and 1.3500 (psychological level, Fibonacci 50% retracement).