The GBP/USD pair finds some support near the 1.3150 region on Thursday and for now, seems to have stalled its retracement slide from the 1.3300 neighborhood, or the highest level since March 2022 touched the previous day.
GBP/USD attracts some dip-buyers amid expectations that the BoE will hold rates steady. Rising US bond yields assist the USD to gain some follow-through traction and caps gains. Bulls also seem reluctant to place aggressive bets and prefer to wait for the BoE decision. Spot prices climb closer to the 1.3200 mark during the Asian session, albeit lack follow-through amid some follow-through US Dollar buying and currently trade with modest intraday losses.
The UK Consumer Price Index report released on Wednesday showed that inflation in the services sector accelerated more than expected in August. This reaffirmed bets that the BoE would hold rates steady at the end of the September policy meeting later this Thursday and warrant caution before placing bearish bets around the GBP/USD pair. Traders might also prefer to move to the sidelines heading into the key central bank event risk.
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