The GBP/USD pair remains confined around 1.2710 during the early Asian session on Wednesday.
GBP/USD trades sideways near 1.2710 inWednesday’searly Asian session. Fed officials stick to cautious approach after April CPI inflation sparked rate cut hopes. BoE’sBailey said the nextmove on rateswill be a cut, adding he expected easing in April inflation data. Financial markets await fresh impetus, with the release of the UK Consumer Price Index and FOMC Minutes dueonWednesday.
This, in turn, might lift the Greenback and cap the upside of thepair’supside in the near term. On the other hand, Bank of England Governor Andrew Bailey said that“the next move on rates will be a cut,” adding that he expected a fall in the April inflation data. The final reading of the headline UK Consumer Price Index is estimated to show an increase of 2.1% YoY in April, compared to 3.2% in the previous meeting. The core CPI inflationis projectedto drop to 3.6% YoY in April from 4.2% in March.
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