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
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. in consolidation possibly due to the market indecision about the trajectory of the US Federal Reserve's monetary policy. On Monday, the Rightmove House Price Index increased to 0.5% in October from the previous 0.4%.
The dovish stance reflects a cautious approach by the central bank, highlighting a reluctance to tighten monetary policy in the current economic context. Federal Reserve Bank of Philadelphia President Patrick Harker reinforced this sentiment by suggesting on Monday that the central bank should refrain from creating new economic pressures by increasing the cost of borrowing.
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