The GBP/USD pair has entered a bullish consolidation phase in the mid-European session, as the bulls face exhaustion after the latest move higher above 1.27 handle.
GBP/USD looks to regain 5-DMA at 1.2762
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The major witnessed a fresh buying-wave in early Europe, and since then keeps the recovery mode intact, especially in light of an unexpected Rise in the UK CPI numbers for May, as focus shifts from politics to economic fundamentals.
UK CPI rises further in May, its highest since April 2012
Moreover, risk-on Rally seen in the European indices combined with positive oil prices boosts the sentiment around the risk currency GBP. Also, renewed weakness seen behind the US dollar across the board, collaborates to the bounce in cable.
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