GBP/USD fell to 1.2495 in the Asian session after rising to 1.2576 on Monday. The pair gradually declined following the failure to break the 1.2580 level. Contributing to the fall is the US dollar index (DXY) which continued its bullish momentum from Monday. The solid Nonfarm Payroll figures last Friday is likely to be the major reason behind a strong rebound in the DXY.
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Looking forward, market participants are focusing on the monthly US Consumer Price Index (CPI) on Friday where it is forecasted to release at 0.7%, higher than the previous 0.3%, while monthly Core CPI is expected to release at 0.5% a tad bit lower than the previous 0.6%.