GBP/USD Range-Bound Near 1.3450 Amid Data Release Anticipation

The GBP/USD exchange rate remains near 1.3450 as market participants await key data releases. The pair has been consolidating within a narrow range, supported by a modest recovery in the US dollar.

However, the upside for the greenback is limited amid growing expectations that the Federal Reserve may begin cutting interest rates later this year. On the UK side, inflation data released earlier this week showed a slight cooling, which has reinforced market bets that the Bank of England might also consider easing monetary policy.

This has kept the pound under pressure, preventing GBP/USD from making a decisive move above the 1.3500 resistance level. From a technical perspective, GBP/USD is trading above its 50-day moving average, indicating a mildly bullish bias in the short term.