GBP/USD pushes higher near 1.2450

The greenback continues to recede on Tuesday, now helping GBP/USD to challenge the area of session highs in the mid-1.2400s.

GBP/USD up as USD deflates

The pair is trading in fresh 2-day tops as the offered bias around the greenback is now gathering further traction, dragging the US Dollar Index (DXY) to fresh lows in the 100.70 region.

GBP has been boosted earlier after UK’s inflation figures gauged by the CPI rose at an annualized 2.3%, matching prior surveys, while consumer prices gained 0.4% inter-month, surpassing estimates.

Adding to USD downside, yields in the US money markets seems to have found some support for the time being, although they stay in the negative territory so far today.

GBP/USD levels to consider

As of writing the pair is up 0.224% at 1.2445 facing the next hurdle at 1.2478 (high Apr.7) and then 1.2508 (high Apr.6). On the other hand, a breakdown of 1.2361 (low Apr.7) would expose 1.2321 (low Mar.17) and then 1.2302 (61.8% Fibo of the March up move).