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GBP/USD close to session highs ahead of a raft of UK data at 7am GMT

Yesterday the GBP/USD pretty much held all the modest rebound gains it had acquired after the lower than expected UK inflation data had caused it to fall bell back to a low at 1.2535. The GBP/USD closed in the US at 1.2566. The drop back in the US dollar was largely responsible for that, but shortly this morning the pound faces another test. At 7am GMT there is a whole raft of UK data releases and they could decide if this current recovery extends, or the Pound falls back once more. There are simply too many of those to cover here, but the most important one is surely the latest GDP data. UK Q4, 2023 growth is expected to show a slight contraction of around 0.1%. There will be more to add on that and anything else amongst those releases of note once the data hits the screens. The GBP/USD has traded a range today, covered so far by 1.2559 to 1.2574. It is just now at 1.2568
 

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