GBP/USD has posted considerable losses on Tuesday

GBP/USD has posted considerable losses on Tuesday, continuing the downward movement which marked the Monday session. In North American trade, the pair is trading at the 1.24 line. On the release front, British CPI unexpectedly dropped to 0.9%, short of the forecast of 1.1%. As well, BoE Mark Carney testified about inflation and the economy before a parliamentary committee. In the US, Retail Sales and Core Retail Sales posted identical gains of 0.8 percent, as both indicators beat their estimates. The Empire State Manufacturing Index gained 1.5 points, beating the forecast of -1.5. On Wednesday, the UK will release three key employment indicators – Average Earnings Index, Claimant Change and the unemployment rate. The US will publish PPI.
•GBP/USD was flat in the Asian session. The pair has posted considerable losses in the European and North American sessions
•1.2351 has weakened in support following losses by GBP/USD
•There is resistance at 1.2479
Further levels in both directions:
•Below: 1.2351, 1.2272 and 1.2120
•Above: 1.2479, 1.2620 and 1.2778
•Current range: 1.2351 to 1.2479
GBP/USD ratio is showing slight movement towards long positions. Currently, long positions command a majority (62%), indicative of trader bias towards GBP/USD reversing directions and moving upwards.