GBP/USD Left Testing Key Levels After Inflation Data

A big week of inflation data from both sides of the Atlantic has left GBP/USD testing key price levels.

A hawkish Fed relative to the BOE, and the UK’s dim economic, outlook has kept the pair in a steady downtrend. Although a slight ease in Dollar strength helped recoup some of the losses after Tuesday’s above-forecast US CPI print, the move stalled at support-turned-resistance just below 1.1600.

With the continued slowdown in the UK, and expectations for the Fed to maintain an aggressive tightening cycle like to keep cable under pressure, will we see another retest of the pandemic-era support around 1.14 in the coming days?

Click the link for an in-depth analysis on GBP/USD and where it could be headed next: