GBPUSD is likely to fall

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GBP/USD broke above 1.2200 with relative ease on the way to the imminent resistance 1.2345 – a level that halted prior declines in April and June this year. Early signs of a possible pullback emerged after the MACD came out of oversold territory on the 5th of October. While a lot of the move is driven by the weaker dollar, the pound has been seen strengthening against a number of G7 currencies lately. An upward surprise in tomorrow’s GDP print could add further to sterling’s momentum and keep an eye on US CPI which is forecast to.