GBP/USD under pressure ahead of data & QIR

GBP/USD has been trading lower in the Asian session, hitting a low of 1.6758 earlier. I’d expect to see a bounce during the London session and a hunt for the topside stops above 1.6790 and 1.68., but overall, Cable will likely remain side-lined ahead of the key UK events tomorrow. The unemployment rate is expected to drop for a fifth consecutive month, but traders will be focusing on earnings data as well, as annual wage growth has declined for three consecutive months now & is at an all-time low. This is followed by the QIR (Quarterly Inflation Report) and a speech by Governor Carney. The market will be looking for any revisions to the inflation and GDP outlook and the BoE’s estimate of economic slack.

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