No major events are expected today.

The pound remains near local levels but is fundamentally vulnerable due to mixed signals from the UK economy: consumer demand and the labor market are showing signs of cooling, while business investment remains volatile. This limits the Bank of England’s room for aggressive rhetoric and constrains sustained GBP rallies.

The comparison of monetary policy trajectories also works against the pound: even with a Fed pause, the yield premium in the US remains higher than in the UK, and global demand for dollar assets supports the USD during periods of rising uncertainty. Any weak UK data releases are quickly translated by markets into a reassessment of the rate path and a weakening of the GBP.

Overall, the balance of risks is tilted to the downside: the absence of fresh pound-positive drivers, combined with steady demand for the dollar, creates potential for a move toward the 1.3450 area, where participants may take partial profit on short positions.

Recommendations: SELL 1.3500, SL 1.3525, TP 1.3450.