GBP/USD at a Pivotal Juncture Ahead of US CPI and UK GDP

The British pound (GBP) has maintained its recent range against the US dollar (USD), hovering just above the 1.3500 level as of early trading on Wednesday.

The currency pair has been supported by a relatively hawkish Bank of England stance, while the greenback remains under pressure from expectations of Federal Reserve rate cuts later this year.

Economists polled by Reuters expect the US Consumer Price Index (CPI) to rise 0.3% month-over-month in January, with the annual rate ticking up to 2.9% from 2.7% in December.

A stronger-than-expected CPI could push back market expectations for a rate cut in March, providing a boost to the US dollar.