The GBP/USD pair trades with a mild negative bias near 1.2675 during the early Asian session on Wednesday.
GBP/USD trades with mild losses around 1.2675 on the consolidation of USD. The Fed's Goolsbee said it must weigh how much longer it can maintain its current rate stance without damaging the economy. The UK’s OBR forecasts the UK economy to grow by 0.8% this year as domestic demand has rebounded. The USD Index consolidates just above the 104.00 yardstick amid the cautious mood.
All eyes will be on the US March CPI data as it might help the Fed to determine the path of monetary policy after the figure showed an increase of 3.2% YoY last month. The signs of persistent inflation and robust growth in the US might boost the Greenback in the near term. On the other hand, the latest forecast from the UK Office for Budget Responsibility suggested the UK economy is forecast to grow by 0.8% this year as domestic demand has recovered.
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