During European trading, the British Pound increased against the US Dollar, trading above 1.2400 levels.
The GBP/USD currency pair rose in the European session, ahead of US CPI inflation data. In the UK, there are no data releases today. In the US, CPI Inflation figures for January (2.9% expected) will be posted (13:30 GMT) and Fed Chair Powell will continue to give testimony to Congress (15:00 GMT).