The Office for National Statistics in the UK is scheduled to report the most recent changes in the inflationary pressures in the country on Wednesday.
Market analysts expect the inflation to remain subdued at 1.5 per cent, which would confirm the worries of BOE members that the guarantee of price stability in the country would require a more accommodative monetary policy.
UK inflation Rate. Image source: TradingEconomics.com
The poorly performing inflation could be enough to force the MPC of the BOE to cut the rates, which would likely worry investors and subsequently could hamper the performance of the British pound.
The GBPUSD has already started to exhibit signs of correction from last week’s significant surge.
GBPUSD 1D Price Chart. Image source: Trendsharks ©, created with TradingView.com
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