GBP/USD in a tight range below 1.2700, CPI eyed

The British Pound is posting marginal losses on Tuesday, keeping GBP/USD within a narrow range in sub-1.2700 levels ahead of UK’s inflation figures.

GBP/USD now looks to CPI results

Despite the so far small pullback, the pair is looking to consolidate in the upper end of the recent range following the strong advance at the beginning of the week.

The greenback, in the meantime, is showing some signs of resilience as cautiousness is expected to slowly take over sentiment in light of the FOMC meeting due tomorrow.

Later in the session, UK’s consumer prices are expected to have risen at an annualized 1.1% in November and 0.2% on a monthly basis, up from October’s 0.9% and 0.1%, respectively.

In the US docket, the NFIB’s Business Optimism Index is due along with Export/Import Prices.

GBP/USD levels to consider

As of writing the pair is losing 0.06% at 1.2675 and a break below 1.2548 (low Dec.9) would expose 1.2457 (55-day sma) and then 1.2297 (low Nov.18). On the flip side, the next hurdle aligns at 1.2706 (high Dec.8) followed by 1.2767 (100-day sma) and finally 1.2776 (high Dec.6).