GBP/USD: Range-bound movement in line with its current consolidatory overview
CPI figures to be released today following yesterday’s mixed employment results.

GBP/USD Technical analysis, overview, strategies, and levels
Coming off of Monday's surge higher on a reduced likelihood of a hung parliament in next month's elections, Tuesday's price moves were relatively limiting and offering little in either direction, and where employment data was mixed with wage growth less than expected but its unemployment rate dropping to 3.8%. More significant fundamental data awaits however, with CPI (Consumer Price Index) figures expected to show a more modest 1.6% growth following what has been a slow and steady decline in CPI rates over the past two years easing pressure on the Bank of England (BoE) to react. From a technical standpoint, the moves have been in line with its current consolidatory technical overview that’s showing a touch of positive bias.

IG client and CoT sentiment for GBP/USD
As for sentiment, retail bias has pushed slightly higher to a majority long 60%, nearly opposite that of institutional traders who are slowly making their way out of sizeable short positions.

GBP/USD Chart with retail and institutional sentiment

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