GBPUSD crosses the 1.2500 level as the USD weakens.

During the early Asian trading hours on Wednesday, the GBPUSD pair rises. The weakening of the US Dollar (USD), accompanied by a drop in US Treasury bond yields, provides some support for GBPUSD. At the time of writing, the main pair was trading at about 1.2497, down 0.04% on the day.

Headline Consumer Price Index (CPI) in the United States for October came in lower than expected.

The headline Consumer Price Index (CPI) in the United States increased in October. 3.2% YoY versus 3.7% before, falling short of the market consensus of 3.3%. The core CPI, which includes volatile food and energy costs, increased by 0.2% month on month and 4.0% year on year. The market expects the Federal Reserve (Fed) will stop raising interest rates during this cycle. Fed fund futures have priced in a 0% chance of a rate hike at the December meeting, according to the CME FedWatch Tool. This, in turn, puts some downward pressure on the US dollar and raises the GBPUSD pair.

On the other hand, Bank of England (BoE) Chief Economist Huw Pill stated on Tuesday. That inflation has made good progress. Huw also noted that they do not absolutely need to raise another rate. But are prepared to do so if necessary.

In the third quarter, the UK ILO unemployment rate remained constant at 4.2%.

Tuesday was The UK ILO Unemployment Rate stayed stable at 4.2% in the three months to September, matching market expectations of 4.2%. Meanwhile, the number of people collecting unemployment benefits increased by 17.8K in September, from 20.4K the previous month.

GBPUSD Traders will be looking at UK inflation data as well as the US Producer Price Index (PPI) and Retail Sales.

The UK Consumer Price Index (CPI) for October will be published soon. Monthly and yearly inflation in the United Kingdom are anticipated to climb by 0.1% and 4.8%, respectively.

In October, the core CPI is expected to rise 5.8% year on year. The Producer Price Index (PPI) and Retail Sales will be due in the United States.