The GBP took a breather during yesterday’s trading session after a volatile last week. The Pound rose to break through the resistance ceiling of 1.26, and open at 1.2618 against the USD this morning. The volatile week was in response to events surrounding Brexit, with PM Theresa May surviving the confidence vote. For now, the Pound looks to have steadied itself against other major currencies with a lack of fresh data regarding Brexit.
Tomorrow the UK Office for National statistics will release their data on CPI and PPI. These indices are considered the UK’s most important inflation data because it’s used as the central bank’s inflation target. Expected to have a high-medium impact, a figure above the forecasts of 2.3% and -2.8% respectively, will be good for the currency.