The GBP/USD pair trades with a mild positive bias around the 1.3075 area during the Asian session on Thursday, albeit it lacks bullish conviction and remains within the striking distance of a nearly one-month low touched the previous day.
GBP/USD edges higher amid subdued USD price action, though the upside seems limited. Expectations for more aggressive BoE policy easing undermine the GBP amid a bullish USD. Bulls also seem reluctant ahead of Thursday’s release of the US consumer inflation figures. The US Dollar consolidates its recent strong gains to the highest level since August 16 and continues to draw support from rising bets for a regular 25 basis points interest rate cut by the Fed eral Reserve in November.
This, in turn, will drive the USD demand in the near term and provide some meaningful impetus to the currency pair. Heading into the key data risks, traders on Thursday might take cues from the BoE Credit Conditions Survey to grab short-term opportunities. Nevertheless, the aforementioned fundamental backdrop suggests that the path of least resistance for the GBP/USD pair is to the downside, suggesting that any subsequent move up might still be seen as a selling opportunity.
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