FXStreet (Mumbai) - The GBP/USD pair faced rejection ahead of 1.55 handle and retreated to familiar ranges below the last, with markets now turning cautious ahead of the highly-anticipated US inflation numbers. GBP/USD locked between 1.5480-1.5507 The GBP/USD pair trades modestly flat at 1.5487, reversing a brief spike to 1.5507 – fresh three week-highs. The major remains on the bids as markets are expecting fresh US dollar sell-off following the release of the US CPI data as the estimates point to disinflation returning in the US. Markets are expecting a 0.2% drop in the all items CPI in September while core CPI is expected to remain at 1.0% m/m in September. Moreover, the rallying European indices are treating markets well, thus providing respite to the risky currencies such as the GBP, after the risk-off market profile witnessed in the first of this week. Meanwhile, the major will take cues from the upcoming US dataflow and also from the sentiment on the Wall Street. GBP/USD Levels to consider The pair has an immediate resistance at 1.5500/07 (round number & Todays High) above which gains could be extended to 1.5531 (Sept 21 High & H1 R3). On the flip side, support is seen at 1.5366 (hourly 50-SMA) below which it could extend losses to 1.5304 (hourly 200-SMA). For more information, read our latest forex news.