The British pound is attempting to overcome the 1.4200 level against the US dollar, following the release of CPI and PPI inflation data from the United Kingdom economy. Lower time frame analysis shows that an inverted head and shoulders pattern is activated while the GBPUSD pair trades above the 1.4160 level. According to the size of the typically bullish pattern, the GBPUSD pair could be preparing to rally towards the 1.4300 level.
The GBPUSD pair is only bullish while trading above the 1.4160 level, key resistance is found at the 1.4240 and the 1.4300 levels.
If the GBPUSD pair trades below the 1.4160, sellers may test the 1.4130 and 1.4010 support levels.
