Important events for today:

11.03 12:30 UTC: USD – Consumer Price Index / Core Consumer Price Index (excluding food and energy).

GBP/USD on Wednesday remains near 1.3450, but the external environment continues to be unfavorable for the pound. Rising tensions in the Middle East support demand for the dollar and push oil prices higher, which for the UK means the risk of higher inflation and pressure on real incomes. In such conditions, market participants are more likely to reduce positions in risk currencies and move into the dollar.

Investors are also revising expectations for Bank of England actions: higher energy costs reduce room for rapid policy easing but at the same time worsen economic prospects that depend on consumer demand. For now, the balance of factors favors caution, while the dollar benefits from its status as a global settlement currency and capital inflows into US assets.

An additional driver for the pair remains US data, primarily inflation. Stronger inflation statistics increase the likelihood of maintaining tight financial conditions in the US and support the dollar. Against this backdrop, the pound struggles to sustain a recovery: a combination of external price shocks and uncertainty about domestic demand dynamics maintains downside risk for GBP/USD.

Recommendations: SELL 1.3450, SL 1.3465, TP 1.3360