GBP/USD Faces Pivotal Test at 1.27 - Key CPI Data Set to Drive the Next Major Move

Forex Analysis by Investing.com (Damian Nowiszewski) covering: GBP/USD. Read Investing.com (Damian Nowiszewski)'s latest article on Investing.com

Strong US inflation could shift rate cut expectations, while UK data may influence the Bank of England’s decisions.

As the GBP/USD approaches the 1.27 support level, traders should keep a close eye on these inflation reports. As a result, predicting further rate cuts remains uncertain. The next inflation report will be crucial, with market expectations anticipating a rise to 2.3% in the YoY CPI print.Recent macroeconomic events highlight that the market now reacts more to weaker economic data signaling a potential US recession. While inflation remains significant for markets, other indicators like thefigures due later in the day and consumer price numbers on Wednesday to gauge the chance of outsized rate cuts.

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