Analysts recommend shorting the GBP/USD pair with a target of 1.2000

On the eve of the significant support for the pound was provided by the decline of the dollar against the backdrop of inflation data in the US. In particular, the consumer price index (CPI) in the US in annual terms fell from 9.1% to 8.5%, while core inflation remained at the same level of 5.9%. Immediately after the release of the report, market participants revised their expectations for a 75 basis point rate hike at the Fed meeting on September 20-21 and now consider a 0.5% increase more likely.

Friday's data from the UK on industrial production and GDP dynamics for the second quarter remain in the spotlight of traders. According to forecasts, the statistics will be disappointing, which may bring sellers back into the market.