GBP/USD: Bears guarding 20-DMA barrier ahead of UK CPI

 The GBP/USD pair extends its overnight consolidative phase into mid-Asia, after the recovery in the spot from 1.2480 region lost steam just shy of 20-DMA, now placed at 1.2535.

The cautious tone seen around cable can be also attributed to a typical calm seen ahead of any releases of risk event, such as the UK CPI report scheduled for release later today. Markets are expecting the UK consumer prices to have accelerated further in January.

GBP/USD Levels to consider            

At, 1.2525, the upside barriers are lined up at 1.2535 (20-DMA), 1.2572 (Dec 15 low) and 1.2600 (round figure). While supports are aligned at 1.2473 (daily S1) and 1.2416 (100-DMA) and below that at 1.2379 (50-DMA).