GBPUSD awaiting key inflation data

The British pound is holding above the important 1.2660 level against the US dollar, ahead of the release of important inflation data from the United Kingdom economy this morning. The recent rally higher was once again capped by the GBPUSD pairs 100-period moving average on the four-hour time frame. If GBPUSD buyers can break through this key resistance area, further upside towards the 1.2770 level seems possible.

The GBPUSD pair is bullish while trading above the 1.2660 level, buyers may test towards the 1.2700 and 1.2770 levels.

If the GBPUSD pair falls from current levels, sellers will likely test the 1.2620 and 1.2580 support levels.