Consumer prices in the United States rose slightly in January. The gains came on the back of higher food and shelter prices while offsetting a drop in gasoline prices.
Data from the Labor Department showed that consumer prices rose 0.1% in January, following a 0.2% increase in November.
Gasoline prices fell 1.6% during the month. Core CPI also rose 0.2% following a 0.1% in the month before.
GBP/USD Swings to the Upside
The British pound caught a bid as price action swung to the upside. After clearing the key price level of 1.2960, GBPUSD is soaring higher.
However, the gains could be limited to the falling trend line. In the near term, the declines could stall near the 1.2960 region, where support could be found.