GBP/USD edging lower again

Yesterday the GBP/USD tried several times to hold a modest rebound back above 1.24, but despite edging to around 1.2410 at one stage, the pound was unable to hold the topside into the US close and later ended that session at 1.2383. The range seen so far today has been covered by 1.2370 to 1.2392. As highlighted here yesterday, the GBP/USD should be the focus for the FX markets this week, with the Fed and BOE due to decide on monetary policy over the coming two days. The latest news coverage would seem to endorse that too and now pundits are all talking about UK inflation muddying the water for the Bank of England on Thursday. So, with that in mind your attention is drawn to the latest UK CPI and RPI inflation data that will be released before the BOE policy decision. Those inflation reports are due to be released at 6am GMT tomorrow morning. Naturally, whatever shows up there will have a big impact on how the markets then view the likely outcome from the BOE the day after. There will be more to add in due course. Meanwhile, the GBP/USD is just now at 1.2373