Cable might drop through 1.3000 if UK June CPI comes in softer than the 8.2% YY consensus forecast on Wednesday or ascend beyond 1.3150 if it is higher than expected for a fifth consecutive month.

The British Pound will on Wednesday encounter another key economic release in the form of CPI inflation for June which will determine whether the Bank of England will deliver a second consecutive 50 basis point interest rate increase in August.

The pound rose for the sixth session running to a new 15-month high after data showed the British economy shrank by less than expected in May.

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Comments from The Federal Reserve’s meeting minutes last night have all but pointed towards further rate hikes in the coming months, starting with the central banks meeting later this month. The central bank are seemingly supportive of more rate hikes in the near future, due to continuously stubborn inflation as well as a strained jobs market.

Sterling steadied as traders wait for service sector data due on Wednesday and ponder whether any positive impact from expected higher interest rates on the British currency has run its course.

Sterling has continued to lose ground against both EUR & USD following on from yesterday’s report showing that The UK’s net debt has now surpassed 100% of GDP levels.