GBP/USD faces resistance at 1.2480; DAX bullish above 16,240

GBP/USD is consolidating below resistance at 1.2480 (May 19 high) after a 0.3% uptick on the back of hotter-than-expected UK inflation data. The pair is up 60 pips from intraday lows near 1.2420 but faces a critical technical hurdle to extend the rebound. A decisive break above 1.2480 could expose the 1.2500 figure. However, fading BoE rate hike expectations are keeping sterling gains in check. Immediate support is at 1.2440. Meanwhile, Germany's DAX index is wavering around 16,240 points, up 0.2% on the day. Bulls need to push the index convincingly past this level to confirm a bullish continuation signal. Such a move could open the door for a rally towards 16,300. Support is at 16,200.