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GBP/USD extends gains ahead of important UK inflation data due early tomorrow

Since my last update on the progress of the GBP/USD, the pound has extended its move above 1.27 and now closer to 1.2750 a short while ago. The further gains have come at the expense of the US dollar, which is weaker across the board heading into the US equity market opening. The recent high on the GBP/USD was set at 1.2794 last week (December 14) and since then it has traded to a low at 1.2629. Now, at 7am GMT tomorrow morning we have some UK inflation data that could either help to send the GBP/USD back down to that recent low, or extend it above 1.28. Of course either of those moves might arrive first ahead of the UK data. There will be more detail to add very early tomorrow morning ahead of the release, but in general the markets expect both CPI and RPI to have fallen back a little in November. I will provide details on all that is forecast ahead of 7am GMT tomorrow. Meanwhile, the GBP/USD is currently trading at 1.2736
 

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