The GBP/USD pair trades in negative territory for the fifth consecutive day during the early Asian session on Wednesday.
GBP/USD trades on a weaker note near 1.2719 on the stronger USD. The Fed is likely to keep its benchmark rate steady on Wednesday. UK CPI inflation report might offer some hints on whether the BoE will signal the timeline of its first interest rate cut. The UK February CPI inflation and Fed interest rate decisions will be the highlights on Wednesday. Investors await the UK February Consumer Price Index inflation data and the Federal Reserve interest rate decision on Wednesday.
On the other hand, the UK CPI inflation report due later in the day might offer some hints on whether the Bank of England will signal the timeline of its first interest rate cut or retain its higher rate for a longer stance. The headline UK CPI is expected to rise 3.6% MoM in February from a 4.0% rise in January, while the Core CPI figure is projected to fall to 4.6% YoY in February from a 5.1% rise in January.
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