Having tested the 1.4100 level in the last hour, GBP/USD is consolidating the latest leg higher around 1.4080, up 0.11% on the day. EUR/USD is gaining 0.09% at 1.2164 and a breakout of 1.2179 (weekly high Feb.23) would target 1.2189 (weekly high Jan.22) en route to 1.2349 (2021 high Jan.6). On the downside, the next support at 1.2023 (weekly low Feb.17) followed by 1.2004 (100-day SMA) and finally 1.1952 (2021 low Feb.5). The dollar index was up 0.01% at 90.002. EUR/USD rose 0.2% to 1.2174, USD/JPY was up 0.1% at 105.14, while the risk-sensitive AUD/USD rose 0.1% to 0.7917, climbing to the highest level in almost three years as commodity prices have soared. These gains have triggered worries of a global rise in inflation, and puts the focus on Fed chief Jerome Powell, who testifies before Congress later in the day. He is expected to provide assurance that the Fed will not respond to higher inflation with an immediate rate hike, which could potentially cause the dollar to drop further. The Fed finds the right words on these occasions – most certainly downplaying the forthcoming rise in inflation into 2Q – such that the bond market decline can probably stay orderly.