GBPUSD STILL BULLISH DESPITE MORE WEAK UK DATA
The British pound has moved to a fresh monthly trading high against the greenback, with price-action breaking above the key 1.4200 level, hitting 1.4222, during the European trading session. The GBPUSD pair currently trades around the 1.4190 level, after pulling back on weaker than expected Manufacturing and Industrial production data from the UK economy. Sterling traders now look towards the release of U.S CPI data, with the pairs strong bullish momentum intact while price-holds above the 1.4187 level.
The GBPUSD pair retains a strong bullish bias while price-action trades above the 1.4187 level, key resistance is currently located at the 1.4243 and 1.4300 levels.
Should the GBPUSD pair move below the 1.4187 level, price-action may correct back towards the 1.4146 and 1.4116 levels.