GBPUSD GAINS LIMITED BELOW 1.4344 LEVEL
The British pound continues to unwind from overbought- trading conditions against the greenback, as rising U.S stocks and Treasury-yields help to boost the U.S dollar index higher. The GBPUSD pair currently trades around the 1.4300 level, after finding interim technical support from the 1.4280 level on Tuesday. Sterling traders now look towards the release of key monthly and year-on-year CPI inflation and PPI inflation data, from the United Kingdom economy.
The GBPUSD pair retains its bullish bias while trading above the 1.4300 level, key intraday resistance is then found at the 1.4344 and 1.4376 levels.
If the GBPUSD pair fails to gain traction above the 1.4300 level, sellers may test back towards the 1.4260 and 1.4230 levels.