Overall, GBP/USD is trending upwards. Recently, GBP/USD broke below the key level of 1.40 after the release of the strong U.S. inflation data.
The UK Preliminary GDP q/q data (Actual: -1.5%, Forecast: -1.6%, Previous: 1.3% revised from 1.0%) released yesterday indicated negative economic growth during the first quarter of 2021 as a result of the imposed COVID restrictions across the UK.
Bank of England Governor will be speaking tomorrow at 0000 (SGT). During this time, there may be volatility in GBP.
GBP/USD’s next support zone is at 1.40000 and the next resistance zone is at 1.43500. Look for short-term selling opportunities of GBP/USD.