GBP/USD steady ahead important UK inflation reports at 6am GMT

As covered a few times in recent days, shortly this morning the UK will release its June CPI and RPI inflation reports, at 6am GMT. The markets are forecasting annualised consumer prices to fall to 1.9%, from a prior reading of 2%. The core annualised rate is also forecast to slip back by 0.1%, to 3.4%. If that does not transpire and we get higher readings it will take the pressure off the Bank of England to lower rates this summer. Of course anything below consensus will have an opposite effect. The recent price action in the Pound versus the Dollar and the Euro is a good indication that it is poised to move this morning, one way or the other. At the same time it might not, if the CPI and RPI data comes out as expected. That said, it could be this CPI data provides the catalyst the Pound needs to vault that 1.30 handle?  All to be revealed shortly. Meantime, the GBP/USD has traded a range since yesterday covered by 1.2938 to 1.2980. It closed in the US last night at 1.2974. It is currently trading at 1.2969