• GBP/USD cycling 1.2700 as markets get ready for UK CPI inflation update.
• US holiday to leave Wednesday markets thin.
• BoE rate call looms ahead on Thursday, another rate hold is expected.

GBP/USD is churning around the 1.2700 handle as markets gear up for a lopsided Wednesday market session with a US holiday session on the cards and a fresh update on UK Consumer Price Index (CPI) inflation on the docket. Another rate call from the Bank of England (BoE) looms ahead later in the week, followed by a packed economic calendar on Friday with UK Retail Sales, UK Purchasing Managers Index (PMI), and US PMIs to round out the trading week.