The Pound Sterling (GBP) gains sharply against the majority of its peers on Wednesday as data from the United Kingdom (UK) Office for National Statistics (ONS) showed inflation accelerated more than expected in October.

GBP/USD churned chart paper just south of 1.2700 on Tuesday as Cable traders brace for a decently-sized UK data dump due on Wednesday, headlined by UK Consumer Price Index (CPI) inflation figures for October.

The Pound Sterling (GBP) gains sharply against the majority of its peers on Wednesday as data from the United Kingdom (UK) Office for National Statistics (ONS) showed inflation accelerated more than expected in October.

GBP/USD churns below 1.27 ahead of UK CPI inflation print GBP/USD churned chart paper just south of 1.2700 on Tuesday as Cable traders brace for a decently-sized UK data dump due on Wednesday, headlined by UK Consumer Price Index (CPI) inflation figures for October.

Here is what you need to know on Wednesday, November 20: Pound Sterling gathers strength against its peers early Wednesday, supported by the stronger-than-forecast inflation readings for October.

GBP/USD Price Forecast: Tumbles below 1.2700 after hot UK CPI The Pound Sterling lost ground versus the US Dollar on Wednesday following a hot UK inflation report, which increased the chances that the Bank of England (BoE) would pause its easing cycle.

GBP/USD continues to gain ground for the third successive session, trading around 1.2690 during the Asian hours on Wednesday.