GBP/USD holding near recent lows ahead of important UK inflation reports

At 6am GMT this morning the UK will release some important inflation data. That is the March CPI and RPI reports. The Consumer Price Index is widely forecast to drop back last month and so is the Retail Price index too. The core annualised rate of CPI is forecast fall to 4.1%, from 4.5%. The RPI annualised rate is forecast to fall to 4.2% from 4.5%. What is quite interesting are recent comments from the Chancellor, Jeremy Hunt being in tune with that of the Bank of England boss, Andrew Bailey, both speaking yesterday. Hunt is clearly after a rate cut from the BOE and  Bailey yesterday hinted that the BOE will most likely cut rates ahead of the Fed now. So, this inflation data today could be a key in deciding if both those men are sated in their outlook, or not. The Pound has remained near its most recent lows as a result. The GBP/USD closed last night at 1.2426 after hitting an interim low late yesterday evening, at 1.2406. The Pound is going to move on this inflation data for sure and it remains to be seen, if that movement is lower again, or not. The GBP/USD is currently trading at 1.2419