Key Events Today:

12.08 12:30 UTC: USD – Consumer Price Index.

The pound receives limited support from fresh signs of stabilization in the UK labor market. A July industry survey showed an end to the decline in permanent hiring and an acceleration in starting salary growth, reducing the risk of a sharp deterioration in domestic conditions. While these signals are important for the Bank of England, a single survey is not enough to create sustained momentum for GBPUSD.

The UK market’s focus is already shifting to second-quarter GDP data due on Thursday. Until then, the pound remains dependent on external factors and expectations regarding Fed policy. US inflation today could alter market expectations for the September decision, while rising oil prices maintain the risk of more persistent price pressures and limit the potential for rapid dollar weakening.

Local support for the pound is currently mitigating pressure rather than shifting the pair’s direction. The dollar’s current momentum remains moderately positive, and the key UK data capable of significantly altering Bank of England expectations is yet to come. Unless US inflation comes in substantially weaker than expected, the dollar is likely to maintain its advantage, supporting a downside scenario for GBPUSD.

Recommendation: SELL 1.3505, SL 1.3540, TP 1.3415.