GBP/USD firmer above 1.29 ahead of UK data

The greenback has now come under further downside pressure, lifting GBP/USD to fresh daily highs near 1.2920.

GBP/USD attention to UK CPI

Spot has managed to leave the area of recent lows near 1.2860 as the bearish sentiment around the Sterling seems to have ebbed a tad so far today and the offered bias has returned around the buck.

Ahead in the day, GBP will take centre stage in light of the release of UK’s inflation figures for the month of July. Consensus expects the CPI to have contracted 0.1% during last month, while prices are seen gaining 1.5% over the last twelve months.

GBP/USD levels to consider

As of writing the pair is up 0.31% at 1.2920 and a breakout of 1.3096 (20-day sma) would aim for 1.3373 (high Aug.3) and finally 1.3481 (high Jul.15). On the other hand, the next support aligns at 1.2863 (low Aug.15) followed by 1.2849 (low Jul.11) and then 1.2796 (2016 low Jul.6).