The British pound has jumped higher against the US dollar currency after yesterday’s UK CPI report showed that inflation was at its highest since August 2018. GBPUSD bulls may be feeling increasingly confident that a big rally is coming, meaning that buying any dips towards the 1.3800 level appears to be a good strategy. Traders should note that a bullish triple-bottom pattern is also in play across the four-hour time frame.
The GBPUSD pair is only bullish while trading above the 1.3860 level, key resistance is found at the 1.3960 and the 1.4000 levels.
If the GBPUSD pair trades below the 1.3860, sellers may test the 1.3800 and 1.3740 support levels.
