The Pound Sterling (GBP) reached a weekly high against the US Dollar (USD) at 1.2600 in Wednesday’s London session. The GBP/USD pair remains strong as the US Dollar weakens ahead of the release of the United States Consumer Price Index (CPI) data for April. The US Dollar Index (DXY) has fallen below the key support level of 105.00.
GBP/USD saw a decline towards 1.2500 in the early American session on Tuesday, but managed to reverse course with the support of selling pressure on the US Dollar. The pair climbed above 1.2550 and closed the day in positive territory. As of early Wednesday, the pair is holding steady near 1.2600 as investors await the crucial April inflation data from the US. The next resistance level for Pound Sterling is expected to align at 1.2630.