GBP/USD attempts a move back towards 1.32 handle, UK CPI in focus

The GBP/USD pair caught some fresh bids during Asian session on Tuesday and recovered part of previous session's sharp pullback from over 1-month highs.

On Monday, the pair touched an intraday high level of 1.3222 but failed to sustain at higher levels amid strong US Dollar recovery and finally settled near session lows, around the 1.3165-60 region.

The British Pound regained some traction on Tuesday and was being supported by the latest positive development over the Brexit bill timetable. The UK Parliament passed the EU Withdrawal Bill by 326 to 290 votes and a motion limiting scrutiny of the bill to 8 days. 

This coupled with a subdued greenback price action did little to hinder the pair's minor uptick as focus now shifts to the latest UK inflation figures, due for release later during the European session. 

Investors this week will also confront the release of UK jobs data on Wednesday, while the BoE monetary policy decision on Thursday would also play a key role in determining the pair's next leg of directional move. 

Technical levels to watch

Immediate resistance is pegged near the 1.3200 handle, above which the pair might continue to confront fresh supply near the 1.3220-25 region. A convincing break through the mentioned hurdle could lift the pair back towards early August swing highs resistance near 1.3265-70 area. 

On the flip side, 1.3160-50 area seems to have emerged as immediate support, which if broken could extend the corrective slide towards the 1.3100 handle en-route 1.3055-50 zone.