The US dollar struggles as data show a slowdown in headline inflation in February. Cable’s recovery above 1.2050 then the double top at 1.2140 has put the pair back on track after a three-month long consolidation. 1.2050 has turned into a support to keep the latest momentum going while 1.1900 further down is where the bulls would draw a line in the sand. A close above the mid-February spike of 1.2220 may extend gains to this year’s high at 1.2430, which would be a step closer to a bullish continuation in the medium-term.
