GBPUSD runs into trouble at the April 4th highs

Despite the great better inflation numbers the market isn't getting carried away. That was a decent pop for the pound but the numbers aren't a game changer, particularly with the season affects at play. If April is similar or at least the same as today then that would solidify the trend we've seen so far this year.

Bobby in the comments made a great point regarding the Brexit vote that even if inflation rose to 2%, the BOE may not hike around the referendum. That's a fair point but it wouldn't rule out the main hawks from voting for hikes anyway.

The pound has pulled up at 1.4314, just shy of the 4th April high, a minor resistance point.

GBPUSD H4 chart

The area around the old 1.4230 S&R level is where support is being found and it will take a break there to undo all this good work. Up here 1.4365/70 has been another level that plays S&R in fairly quiet trading. Get above that and we can dream of 1.44.

I would have liked to have seen 1.43 put up a better fight, but 1.4280 is doing the job. The levels are pretty clear so go with the flow until something breaks.