GBP/USD still struggling today as important UK inflation data looms early tomorrow

At 7am GMT tomorrow the UK will release its latest CPI (Consumer Price Index) and RPI (Retail Price Index) data covering the month of October. This is important data, especially for the Bank of England and their decision making process next month (December 19). As much as the Bank might like to deliver another interest rate cut before Christmas, they are constrained by much of the latest data and events, not least the impact of the budget at the end of last month. More detail on what is expected in these CPI and RPI reports will follow early tomorrow ahead of the release. For now though the stakes are high for the Pound and perhaps higher bond yields might support it a bit more, but that is far from certain. So, this data is pretty crucial for the GBP/USD right now and as you can see there are still not many buyers around versus the dollar or the Euro. The GBP/USD has traded a range so far today covered by 1.2613-1.2689 and right now it is nearer the bottom end of that rather than the top. The GBP/USD is currently trading at 1.2639