GBP/USD Consolidates at Highs as Markets Await UK CPI Data for Rate Path Guidance

English summary

In early Asian trading on Wednesday, GBP/USD dipped to around 1.3375. The UK's August unemployment rate fell to 4.7%, with markets almost fully pricing in a 25 basis point hike by the Bank of England to 4% in November. Today's September CPI release (expected headline 3.4%, core 2.7%) is the key catalyst determining GBP's short-term direction.