No significant events are expected today.

Today, the GBP/USD pair is trading around 1.3065, although it lacks bullish confidence. The release of the UK Consumer Price Index news has weakened the pound against the dollar.

Ahead of the release of key data, speculation that the Bank of England (BoE) might accelerate the rate-cutting cycle continues to undermine the British pound (GBP) and acts as a headwind for the GBP/USD pair. At the same time, the moderate weakening of the US dollar (USD) provides some support for the currency pair and helps limit the downside.

From a technical perspective, the price action within the range can still be classified as a bearish consolidation phase in light of the recent pullback from the 1.3435 area, or the highest level since March 2022, reached last month. Additionally, the oscillators on the daily chart remain in negative territory and are still far from oversold levels.

This, in turn, suggests that the path of least resistance for the GBP/USD pair remains to the downside. Thus, a subsequent decline to the 1.2950 area seems quite likely.

Recommendations: Trading primarily with Sell orders from the current price levels.