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The pound bounces higher on BOE’s upbeat inflation forecast for later this year.

The rally above the daily resistance level at 1.3900 is a strong sign that buyers are willing to commit. A bullish MA cross on the daily chart is likely to attract more buying interest.

Now price action is looking to hold onto its gains with 1.3850 as the immediate support. 1.3770 would be an important demand zone in case of a deeper retracement.

On the upside, lifting offers around 1.3980 could trigger a surge towards 1.4100.