Forex: GBP/USD little changed above 1.6050

FXstreet.com (San Francisco) - GBPUSD is practically unchanged so far, but maintains its offered tone ahead of the European opening this Wednesday, quoted near the bottom of its 1.6053-1.6078 intraday range. "Above 1.6100, the bearish pressure may ease although only above 1.6130, a short term descendant trend line, the pair may found strength enough to start posting gains," says Valeria Bednarik, Chief Analyst at FXstreet.com.

There is no UK-specific fundamental data on offer today, so GBP price action will be driven primarily by sentiment. Key even risk for the session is Eurozone consumer inflation data, with a consensus forecast for a 2.2% (y/y) rise in the final month of 2012. GBPUSD support levels may be found at 1.5990 and 1.5950, while, once above 1.6030, next target is 1.6160.