The Pound remained almost unchanged versus the Dollar after touching its 1 year lows earlier in the session. Inflation Letter today is likely to show accelerated inflation, due to higher energy costs and weaker Pound. Overall, GBP/USD traded with a low of 1.4249 and a high of 1.4509. GBP/USD is still on a downtrend and as long as the pair is below the 1.47 level and the 50 day moving averages it remains bearish. Today, CPI is expected with 3.5% versus 3.4% prior. BOE Inflation Letter will be released.

GBP/USD - Last: 1.4445

Resistance

1.4500

1.4655

1.4800

Support

1.4350

1.4250

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