UK Public Inflation Expectations For 12 Months Ahead 6.1% vs. 6% previous, according to a survey conducted by Citi/YouGov.

Meanwhile, the poll suggested that the inflation expectations for 5-10 year ahead are seen at 4.2% vs. 4.2% prior.

Citi economist Benjamin Nabarro said, “data, especially the level of long-term expectations, still suggest a heightened risk that expectations could become de-anchored.”

“We see little in today's data that should provide a further impetus for an outsized 50bp move by the BOE,” Nabarro added.

Market reaction

GBP/USD is moving back and forth in a narrow range below 1.2650, at the mercy of the USD price action. The pair is trading at 1.2635, up 0.17% so far, at the press time.