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The GBP/USD pair managed to defend weekly lows support near mid-1.2900s and has now jumped to fresh session tops following the release of much awaited US CPI print.
The pair caught some fresh bids and spiked back to the key 1.30 psychological mark after data released from the US showed both the headline consumer inflation, as measured by CPI and core CPI (excluding food and energy) increased by 0.1% m-o-m in July, with the yearly rates also holding stable at 1.7%.
Today's softer inflation data clearly indicated that price pressures are not yet gaining momentum and could have materially reduced market expectations of further Fed rate hike action by the end of this year. The same is evident from a negative reaction in the bond markets, which has eventually attracted some fresh US Dollar selling interest.
Next in focus would be speeches by Dallas Fed President Kaplan and Minneapolis Fed President Kashkari, which would be looked upon for some fresh impetus for the pair's movement through NY session on the last trading day of the week.
Technical outlook
Valeria Bednarik, Chief Analyst at FXStreet writes, "the pair is bearish and with scope to extend its decline over the next hours, as in the 4 hours chart, a bearish 20 SMA keeps rejecting advances, now offering a dynamic resistance at 1.2990, while technical indicators remain within negative territory, gaining downward strength. Below 1.2950, the next intraday supports come at 1.2920 and 1.2870, while beyond the mentioned 1.2990, the next resistance comes at 1.3020, with an advance beyond this last being quite unlikely for today."
