Currently, GBP/USD has struggled to maintain its upward momentum at around 1.2300 levels at the start of Thursday and entered a consolidation phase. In the latter part of the day, the US inflation data for September could impact the pricing of the US Dollar (USD) and drive the action of this currency pair. As of the time of writing, GBP/USD is trading at 1.2303.
In line with that, the cautious comments from Federal Reserve officials this week have weakened the USD against its counterparts. Investors assess a 72% probability that the US central bank will keep its policy interest rates unchanged until 2023.
In the event that the core Consumer Price Index (CPI) is around 0.5%, the market may reassess the Fed's interest rate outlook and help the USD regain its traction. On the other hand, risk sentiments could continue to dominate market activity on soft print and allow GBP/USD to continue its ascent based on its weekly gain.
In line with that, the cautious comments from Federal Reserve officials this week have weakened the USD against its counterparts. Investors assess a 72% probability that the US central bank will keep its policy interest rates unchanged until 2023.
In the event that the core Consumer Price Index (CPI) is around 0.5%, the market may reassess the Fed's interest rate outlook and help the USD regain its traction. On the other hand, risk sentiments could continue to dominate market activity on soft print and allow GBP/USD to continue its ascent based on its weekly gain.
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