GBP/USD deflates to 1.5440

By FXStreet FXStreet (Edinburgh) – After climbing as high as the 1.5460 area overnight, GBP/USD is now losing some impetus and is returning to the 1.5440/35 band.

GBP/USD eyes on UK CPI

The pair continues to consolidate its recent break above the 1.5400 handle as market participants continue to scale back its USD long positions ahead of the key FOMC gathering due on Wednesday.

Next of relevance in the UK calendar will be the inflation figures during August to be released tomorrow. Consensus expects consumer prices to have risen 0.2% inter-month and to come in flat over the last twelve months.

GBP/USD levels to watch

As of writing the pair is advancing 0.08% at 1.5440 with the next resistance at 1.5462 (high Sep.11) ahead of 1.5476 (high Sep.10) and then 1.5505 (high Aug.27). On the other hand, a break below 1.5400 (low Sep.11) would open the door to 1.5338 (low Sep.10) and finally 1.5299 (low Sep.8).
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Source:: FX Street