GBPUSD awaiting inflation data

The British pound has recovered back towards the 1.2900 level against the greenback due to the US dollar index coming under heavy selling pressure. The GBPUSD pair bullish bias above the 1.2930 level, with the 1.2900 level another key intraday area to watch for bullish signs. Traders are likely to remain cautious, as the United Kingdom economy is releasing a raft of key inflation data later this morning.

The GBPUSD pair only bearish while trading below the 1.2930 level, key technical support is found the 1.2850 and 1.2830 levels

If the GBPUSD pair moves above the 1.2930 level, buyers may test towards the 1.2970 and 1.3000 levels.