GBP/USD gives up gains in the direction of 1.29

FXStreet — The GBP/USD began its days gains in the direction of 1,29 reduce, while selling pressure against the Greenback after the initial decrease in the first hours of the American session wore off. Currently, the trading with 0.15% held one-day gain in 1,2910.

The US Dollar Index, which represents the strength of the USD vs. its 6 most important rivals, under pressure from weaker data and so Deep was formed in the case of 98,67 to American opening, but then it came to consolidation of the losses. The daily loss of the US Dollar Index is currently -0,25 % 98,80.

The major US equity indices delivered a solid Performance on Monday, while Oil prices rose, and this helped to stay the Couple in the positive range. From the USA there is no more data and so a high level of volatility is unlikely in the short term. Tomorrow is waiting for us from the UK the result of the consumer prices. The expectations for CPI are for a rise in year-on-year in April from 2.3 % to 2.6 %. If Inflation is as expected, is rising, could come to the market on the idea that the BoE is prepared to a tightening of monetary policy and, therefore, the pound may rise against its rivals.

Technical Prospects

Below 1.29 (psychological level), next supports at 1,2845 (Deep 12. May) and 1,2770 (Deep 24. April). According to the above Resistances can be found at 1,2965 (High 28. April), 1.3000 (psychological level) and 1,3060 (High 28. October).

GBP/USD is likely to have a High at 1,2940 — Commerzbank

** FXStreet News Editorial, FXStreet**

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