The GBP/USD pair drifts lower for the third consecutive day on Wednesday – also marking the fourth day of a negative move in the previous five – and drops to an over one-week low during the Asian session.
The Canadian Dollar (CAD) shed further weight on Tuesday, declining against the US Dollar (USD) after Canadian Consumer Price Index (CPI) inflation figures showed a slight easing in headline figures.
Euro (EUR) is likely to trade with a downward bias; any decline is unlikely to threaten the major support at 1.1630. In the longer run, outlook is mixed; for the time being, EUR is likely to trade in a range of 1.1630/1.1755, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.