The British pound has moved sharply lower against the U.S dollar, as key monthly inflation data from the United Kingdom economy came in much weaker than expected. The GBPUSD pair has so far lost over one-hundred and thirty pips, finding support from the 1.4171 technical level. Downside pressures are continuing to build around sterling, as today’s weaker than expected UK inflation data lessons the possibility of an upcoming rate hike from the BOE.
The GBPUSD pair is weekly bearish while trading below the 1.4230 level, key support is now found at the 1.4135 and 1.4105 levels.
If GBPUSD buyers manage to gain traction above the 1.4230 level, the pair may test back towards the 1.4260 and 1.4300 levels.
