GBP/USD consolidates below 1.2300, awaits BoE’s Bailey and Fed Chair Powell’s speech

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• GBP/USD struggles to gain any meaningful traction and remains confined in a range.
• A bleak UK economic outlook and bets for a BoE rate cut in 2024 weigh on the GBP.
• A subdued USD demand acts as a tailwind ahead of BoE’s Bailey and Fed’s Powell.

The GBP/USD pair lacks any firm intraday direction on Wednesday and oscillates in a narrow band below the 1.2300 mark during the Asian session. Spot prices, meanwhile, hold above the weekly low touched on Tuesday and for now, seem to have stalled this week’s rejection slide from the 200-day Simple Moving Average (SMA), around the 1.2425-1.2430 area, or the highest level since mid-September.