The British Pound traded in a narrow range against the US Dollar around the 1.3500 level on Wednesday, showing limited upside potential as markets awaited the upcoming US Consumer Price Index (CPI) data. According to FX Street (UOB), GBP/USD closed slightly higher near 1.3510, confined within a tight range of 1.3493 to 1.3515.
FX Street (UOB) noted that while there is some room for the pair to edge higher, resistance appears capped between 1.3490 and 1.3535. During the European trading session, the pound remained steady, reflecting cautious sentiment ahead of key US inflation figures.
For Japanese investors, the GBP/USD's limited movement underscores the market's cautious positioning ahead of significant US data releases, which could impact global risk appetite and currency flows in Asian markets.