Pound Waits for UK GDP Data Amid Rangebound Trading

The British pound hovered near the 1.3500 level against the US dollar on Wednesday as investors awaited the UK GDP release, which could influence the Bank of England's policy path.

GBP/USD traded around 1.3490-1.3510, reflecting a slight uptick from the previous close. The pair has been rangebound over the past week, supported by a softer US dollar and resilient UK economic data, but capped by concerns over domestic growth momentum.

The UK GDP release, scheduled for 07:00 GMT, is expected to show a modest expansion in the third quarter. Economists polled by Reuters forecast a quarterly growth rate of 0.2%, following a 0.5% expansion in the second quarter.