GBP/USD stays in highs on UK inflation, near 1.2940

The Sterling remains on the firm note on Tuesday following the release of UK’s inflation figures, with GBP/USD quickly advancing to the 1.2960 area, or fresh daily tops.

GBP/USD bid after data

Cable met further buying pressure after UK’s inflation figures tracked by the CPI has risen to an annualized 2.7% during last month, beating expectations. On a monthly basis, consumer prices climbed 0.5% while Core CPI rose 2.4% over the last twelve months.

The sharp sell off in the greenback continues to add traction to the pair and to the risk-associated universe in general so far this week.

Later in the week GBP would stay in the limelight ahead of the labour market report due tomorrow and retail sales on Thursday.

GBP/USD levels to consider

As of writing the pair is up 0.29% at 1.2933 and a surpass of 1.2957 (high May 16) would open the door to 1.2989 (high May 10) and finally 1.2992 (2017 high May 8). On the flip side, the immediate support aligns at 1.2842 (low May 12) followed by 1.2829 (low May 4) and then 1.2758 (low Apr.21).