The British pound has fallen to its lowest trading level against the US dollar this year, hitting 1.3345, following weaker than expected CPI inflation data from the United Kingdom economy. The GBPUSD pair currently trades around the 1.3365 level, after both monthly and year-on-year UK Consumer Price Index data came in weaker than the market expected. Sterling is likely to remain under selling pressure, as traders scale back future UK rate hikes and the US dollar strengthens.
The GBPUSD pair is strongly bearish while trading below the 1.3400 level, key technical support is now located at the 1.3345 and 1.3300 levels.
If the GBPUSD pair moves back above the 1.3400 level, buyers may attempt to move price back towards the 1.3450 level.
