GBP/USD steady in mid range as UK inflation reports loom

At 6am the UK will release its September CPI and RPI inflation reports. That is important data and it could have a significant impact on the Pound, depending on what emerges from that data. Yesterday the GBP/USD rebounded from an early European session low at 1.3036, to later edge above the 1.3100 handle. However, it was not able to hold all the gain, to a high at 1.3103 and later dropped back as the dollar rebounded across the board. The Pound fell back close to 1.3060, before later closing at 1.3074. The range seen so far this morning has been covered by 1.3060 to 1.3077. It is very unlikely to hold that range once this inflation data hits the screens in less than an hour from now. More detail on what is expected there will be covered in another update looking at the EUR/GBP. That will follow shortly this morning. The immediate pressure points on the GBP/USD look like being in place at 1.3022 and 1.3103, with a potential extension either side of that range. The GBP/USD is currently trading at 1.3072