The Pound Sterling (GBP) is holding firm above 1.2700 in Tuesday’s New York session. The upcoming UK Consumer Price Index (CPI) data for April and the Federal Open Market Committee (FOMC) minutes for the May meeting, set to be released on Wednesday, are expected to guide the next move in the GBP/USD pair.
GBP/USD is currently trading slightly above 1.2700 after a relatively unchanged start to the week. While the technical outlook suggests a bullish bias, the pair’s movement may be limited leading up to the release of key inflation data from the UK on Wednesday. Potential resistance for the Pound Sterling is seen at 1.2760.