GBP/USD trims gains, deflates to 1.2920

The Sterling left the area of session highs vs. the greenback in the mid-1.2900s and is now dragging GBP/USD to the 1.2920/15 band.

GBP/USD focus on UK’s CPI

The pair is posting marginal gains at the beginning of the week in the low-1.2900s, looking to revert two consecutive session with losses and extending its decline from August lows in the vicinity of 1.3400 the figure.

There are no data releases scheduled for today in the UK economy, while inflation figures tracked by the CPI, labour market results and retail sales are all due later in the week. Across the pond, the Empire State index, TIC Flows and the NAHB index are all expected later in the NA session.

GBP/USD levels to consider

As of writing the pair is up 0.02% at 1.2917 and a breakout of 1.3112 (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 1.2934 (low Aug.11) followed by 1.2849 (low Jul.11) and then 1.2796 (2016 low Jul.6).