GBP/USD looks to regain 1.2450, focus on UK inflation, BoE’s Bailey and Fed Minutes

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• GBP/USD picks up bids to pare weekly losses, bounce off one-month low to snap two-day downtrend.
• Deadlock in US debt ceiling talks, market’s consolidation ahead of top-tier data/events allow Cable pair to rebound.
• UK Consumer Price Index for April might help BoE’s Bailey to defend hawkish bias and favor Pound Sterling buyers.

GBP/USD prints the first daily run-up in three as it clings to mild gains near 1.2420 ahead of the key UK inflation data and a speech from Bank of England (BoE) Governor Andrew Bailey, scheduled for Wednesday. In doing so, the Cable pair recovers from the lowest levels in a month amid the US Dollar’s retreat, as well as due to the market’s consolidation ahead of the key data/events.