On Tuesday 11th of April, the event calendar is busy during the European session, so the global investors will keep an eye on Consumer Price data from the UK and ZEW Economic Sentiment data from Germany and the whole Eurozone and Industrial Production data from the Eurozone. Later on the day, during the American session, FOMC member Neel Kashkari will give a speech as well.
GBP/USD analysis for 11/04/2017:
The Consumer Price Index data are scheduled for release at 08:30 am GMT and this time a slight decrease from 0.7% to 0.3% is being expected by market participants. The CPI Index measures the change in prices for retail goods and services, including food and gas, so a lack of a sudden inflationary pressure for consumers might not necessarily be a good thing as consumers in the UK are already experience an increase in prices despite the fact that the Brexit just started.
Let's now take a look at the GBP/USD technical picture in the H4 time frame. The bulls have managed to retrace to the level of 50%Fibo at 1.2434, but the up move looks like it is about to reverse. Better-than-expected data might help bulls to breakout above this level and test the techncial resistance at the level of 1.2504. The next support is seen at the level of 1.2364.