The British pound slumped on Wednesday after hitting three weeks high as UK inflation data exceeded the market expectations. The surge in commodity, energy, and fuel prices due to the Russian Ukraine war took the consumer price index to a new 30 year high. The UK Consumer Price Index (CPI) for February came at 6.2% Year over year. Consequently, the GBP/USD pair fell by over 0.44% and is testing the major support at the 1.3200 mark. Investors are expecting the Bank of England to hike the interest rate in May monetary policy. Therefore, one must look for potential buying opportunities in GBP/USD If bulls are able to defend this support level, else look for short-term selling opportunities.
