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Overall, GBP/USD is trending upwards. Recently, GBP/USD trended lower into the key level of 1.31 after the release of the dovish FOMC meeting minutes, causing a strong sell-off in the stock and bond markets, thus pushing the USD higher. The UK CPI y/y data released yesterday indicated an increase in annual inflation. GBP/USD strengthened briefly on the positive data but the move was short-lived due to no progress being made in the Brexit trade talk. -CPI y/y (Actual: 1.0%, Forecast: 0.6%, Previous: 0.6%) -Core CPI y/y (Actual: 1.8%, Forecast: 1.3%, Previous: 1.4%) Currently, GBP/USD is testing to break below the key level of 1.31. Its next support zone is at 1.30000 and the next resistance zone is at 1.32200. Look for short-term selling opportunities of GBP/USD if it breaks below the key level of 1.31.