GBP/USD wobbling around 1.4600

FXStreet (Edinburgh) - The sterling is looking to consolidate vs. the greenback now, with GBP/USD clinging to the 1.4600 neighbourhood.

GBP/USD attention to inflation figures

The lack of publications in the UK economy today is leaving the pair to the mercy of the US dollar, ahead of the critical inflation figures in the British economy due tomorrow. Market consensus expects headline consumer prices to have come flat on a year to March while Core prices would have risen at an annual pace of 1.2%.

Later on in the week, the report on the UK labour market will be the other significant release, with the jobless rate expected to have ticked lower to 5.6% in the three months ended in March.

GBP/USD relevant levels

At the moment the pair is retreating 0.19% at 1.4606 with the next support at 1.4566 (low Apr.13) ahead of 1.4505 (low Jun.11 2010) and finally 1.4500 (psychological level). On the flip side, a breakout of 1.4649 (high Apr.13) would open the door to 1.4700 (psychological level) and then 1.4724 (high Apr.10).