GBPUSD (1.3906): The British pound continues to trade with last Friday’s range with price advancing to the upside. A breakout from Friday’s range could determine the near term bias in the GBPUSD. The British pound gained momentum as the inflation data showed consumer prices edging back to the 3% threshold. This sparked speculation of a faster than expected rate hike from the BoE as previously communicated by the central bank. On the 4-hour time frame, GBPUSD has close above the 1.3855 level of support which has failed to act as resistance. We expect GBPUSD to move sideways with the 1.4037 1.3855 range in the near term.