The UK’s YoY CPI was announced today, reaching another 40-year high for the second time in 2022

The UK’s YoY CPI was announced today, reaching its highest level in forty years for the second time this year at 10.1 percent. The first peak was in July 2022. The GBPUSD price has also reacted bearishly in the short-term, breaking below the 34-day moving average range, and the possibility of a short-term price decline has been strengthened.

Technically, the price is not following any specific trend in the medium term, but it is showing a strong tendency toward a bearish trend. In that case, the support level at 1.0930 will resist falling. Four weeks ago, the price hit an all-time low for GBPUSD at 1.0348, which is also an important support range against a bearish trend.