GBP/USD Outlook (17 June 2021)

Overall, GBP/USD is trending downwards. Recently, GBP/USD weakened after the hawkish tone sent out by the U.S. Federal Reserve.

The UK CPI y/y data released yesterday indicated an increase in annual inflation in May. Inflation rate has now hit the Bank of England’s 2-3% target range.

• CPI y/y (Actual: 2.1%, Forecast: 1.8%, Previous: 1.5%)
  
• Core CPI y/y (Actual: 2.0%, Forecast: 1.5%, Previous: 1.3%)
  

Currently, GBP/USD is testing the support zone of 1.40000 and the next resistance zone is at 1.43500.
Look for short-term selling opportunities of GBP/USD if it breaks the support zone of 1.40000.