Ella 
GBP/USD saw some volatility on Wednesday, but overall directional momentum remained limited, with GBP/USD remaining range-bound around the day’s opening range of 1.2790. Technicals on Wednesday suggest GBP/USD will struggle to push towards either side of the 1.2800 mark as investors await economic data.
UK industrial production fell to -0.2% in January after recording 0.6% in December, missing expectations of 0.0%. UK manufacturing production also fell on a monthly basis, expected to be 0.0%, compared with the previous reading of 0.8%. UK gross domestic product (GDP) in January was also in line with expectations, at 0.2%, compared with -0.1% in the previous month.
U.S. data on Wednesday was lackluster, with investors awaiting retail sales and producer price index (PPI) data on Thursday. U.S. retail sales are expected to rebound in February, with the median consensus forecast at 0.8%, compared with -0.8% in January. Meanwhile, the core producer price index is expected to slow slightly at an annual rate in February, forecast at 1.9% from 2.0% in the previous month.
The trading week will end with the University of Michigan’s Consumer Confidence Index, which is expected to be roughly steady at 76.9. Ahead of this, UK consumer inflation expectations are due to be released during the European session early on Friday. British consumers, at least based on economic indicators, expect UK inflation to be around 3.3% over the next 12 months.
