The British pound has tumbled to a fresh 2018 trading-low against the US dollar, following much weaker than expected inflation data from the United Kingdom economy. The GBPUSD pair had already been under heavy selling pressure below the 1.3100 level prior to the UK inflation release. Sellers will look for further losses below the 1.3000 level, while buyers will look to stabilize price above the 1.3050 level.
The GBPUSD pair is strongly bearish while trading below the 1.3100 level, key technical support is found at the 1.3000 and 1.2940 levels.
If the GBPUSD pair moves above the 1.3100 level, buyers will likely target the 1.3130 and 1.3155 resistance levels.
