GBP/USD hits fresh lows near 1.2470, UK CPI, BOE eyed

The pound remains under mild bearish pressure against the US dollar in early Europe, sending GBP/USD further below 1.25 handle.

GBP/USD: Focus shifts to UK CPI, BOE QIR hearings

The cable finally ended its brief consolidation phase and broke to the downside in early European trading, as the US dollar is seen resuming its broader uptrend after a brief corrective slide seen in the Asian session. The USD index now climbs back to 100 mark, recovering from 99.75 lows reached in early Asia.

Moreover, markets remain wary ahead of the crucial UK CPI report, which is expected to come out mixed, while BOE inflation report hearings is also likely to remain in the spotlight, with Carney testimony eagerly awaited. Later in the NA session, the US retail sales data and regional manufacturing index will be lined up for release.

GBP/USD Levels to consider            

At 1.2473, the pair finds immediate resistances placed at 1.2500 (zero figure), 1.2529 (daily high) and 1.2550 (psychological levels). While supports are lined up at 1.2400 (round figure) and 1.2373 (Nov 10 low) and below that at 1.2349 (Nov 9 low).

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