FXstreet.com (Barcelona) - The Sterling has found support against the Dollar at 1.6265 after falling from 4-week high at 1.6355 throughout the European session. Currently the GBP/USD has bounced back to trade above 1.6300 level, close to 1.6310 before today's US data on CPI and NY Empire Sate Manufacturing Index.

If the pair consolidates below 1.6285, next support levels could be at 1.6245/50 (Jan 14 low), and below here, 1.6195 (Jan 11/12 highs) and 1.6140. On the upside, resistance levels lie at 1.6340/55 area (17 Dec high - intra-day level) and above here, 1.6410 and 1.6450.

US Consumer Price Index is expected to rise 0.1% between November and December, and 2.8 YoY in December from November data of 1.8% yearly inflation. NY Empire Sate Manufacturing Index will rise to 11.40 pts in January according to market expectations from 2.55 pts posted in December.

The pair is in a downtrend after peaking at 1.7042. Trading is situated between the 50- and 200-day SMA, currently projected at 1.6454 and 1.5258. Says Stoyan Mihaylov, chief analyst at DeltaStock, Current bias is still positive for 1.6410, but a reversal seems possible around that zone, so keep an eye on 1.6240 support, as a break below will signal, that a top is already in place.