GBP/USD consolidates important daily gains slightly below 1.2500

The pound is among the top performers on Tuesday. Against the US dollar is consolidating a daily gain of more than 1%, as cable consolidates slightly below 1.2500. 

GBP/USD rose sharply after the release of inflation data from the United Kingdom. Then, a weak US dollar  pushed the pair further to the upside. It peaked during the American session at 1.2493, the strongest level since February 24. 

Currently is hovering around 1.2490 and 1.2475, up more than a hundred pips for the day. The next relevant economic data from the UK will be on Thursday with the retail sales report. 

Technical levels 

To the upside, the immediate resistance could be seen around 1.2500, followed by 1.2525 (Feb 16 high) and 1.2545 (Feb 14 high). On the downside, support could be located at 1.2430 (20-hour moving average), 1.2375/80 (Mar 16 high) and 1.2335/40 (Mar 20 & 21 low).