GBP/USD recovers from the recent losses ahead of UK CPI. The monthly inflation could fuel speculation for another interest rate hike by BoE. US Dollar encounters difficulties amid dovish remarks from several Federal Reserve members. GBP/USD retraces the recent gains registered in the previous session, trading lower around 1.2200 during the Asian session on Tuesday. The pair moves in consolidation possibly due to the market indecision about the trajectory of the US Federal Reserve's (Fed) monetary policy.
On Monday, the Rightmove House Price Index (MoM) increased to 0.5% in October from the previous 0.4%. The yearly data showed that residential property prices declined by 0.8% compared to the 0.4% decline in the previous report.
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Economists at MUFG Bank discuss GBP outlook ahead of the UK Consumer Price Index (CPI) data.