After an initial uptick to session high level of 1.4067, the pair met with some fresh supply following the release of softer than expected UK inflation figures for the month of February. What else does the 20 March GBPUSD Intraday Technical Outlook reveal?
20 March, OctaFX – The British pound is consolidating price-action above the 1.4000 level against the U.S dollar, after the release of disappointing PPI inflation data from the UK economy.
The GBPUSD pair pulled back from the 1.4060 level earlier after UK PPI came in flat for the month of February. Moving into the U.S trading session, a clear break of the 1.4000 to 1.4060 price-range is needed for the next strong directional move in the GBPUSD pair.
20 March GBPUSD Intraday Technical Outlook
The GBPUSD pair retains a bullish bias whilst trading above the 1.4000 level, intraday resistance is found at the 1.4060 and 1.4088 levels.
If GBPUSD price-action trades below the 1.4000 level on a sustained basis, a correction towards the 1.3960 and 1.3920 level cannot be ruled out.
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