The GBP/USD pair struggles to gain any meaningful traction on Wednesday and oscillates in a narrow trading band, around the 1.2700 round-figure mark during the Asian session.
GBP/USD remains confined in a narrow range on Wednesday ahead of the UK CPI. Tuesday’s softer US Retail Sales undermine the USD and lend support to the major. The subdued price action warrants caution before positioning for meaningful gains. Spot prices, meanwhile, hold above a one-month low touched last Friday as traders keenly await the release of the latest UK consumer inflation figures before positioning for the next leg of a directional move.
The softer-than-expected US Retail Sales report released on Tuesday pointed to signs of exhaustion among consumers and reaffirmed bets that the Federal Reserve might start cutting interest rates in September. This led to the overnight decline in the US Treasury bond yields and is seen undermining the buck. The aforementioned fundamental backdrop supports prospects for some meaningful appreciating move for the GBP/USD pair.
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