The GBP/USD pair attracts some dip-buyers during the Asian session on Tuesday and climbs to a fresh daily peak, around the 1.2775-1.2780 region in the last hour. Spot prices, however, remain confined in the previous day's broader trading range as traders keenly await important macro data from the UK and the US before placing fresh directional bets.
The monthly UK employment report and the US Producer Price Index (PPI) will be published later today, which will be followed by the latest consumer inflation figures from the UK and the US on Wednesday. This, along with the release of the Preliminary UK Q2 GDP on Thursday, will play a key role in influencing the sentiment surrounding the British Pound (GBP) and provide a fresh directional impetus to the GBP/USD pair.
In the meantime, expectations that the Bank of England (BoE) will lower borrowing costs two more times this year, after the first rate cut since 2020 on August 1, might continue to undermine the GBP. The US Dollar (USD), on the other hand, struggles to attract any meaningful buyers in the wake of rising bets for bigger rate cuts by the Federal Reserve (Fed). This warrants caution before placing bullish bets around the GBP/USD pair.
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