GBPUSD

The most critical data for the pound today is the April CPI figures, which are in focus for the markets. A higher-than-expected inflation figure could strengthen expectations that the Bank of England may continue to cut interest rates, providing support for the pound. The pair is currently trading around the pivot level of 1.34715. With a strong CPI figure, resistance levels of 1.35035 and 1.35270 could be targeted. A data point that falls below expectations or strong dollar messages that may come out of this evening's FOMC minutes could pull the pair towards support levels of 1.34490 and 1.34135.