GBPUSD grows thanks to reduced inflationary pressure

GBP/USD remains stuck near the 1.2200 level as traders wait for additional catalysts. Interestingly, rising Treasury yields did not put pressure on GBP/USD.

If GBP/USD settles above 1.2200, it will move towards the next resistance, which is located in the 1.2370 – 1.2410 range.