GBPUSD16092020The GBP/USD pair extended its sideways consolidative price action and had a rather muted reaction to the UK consumer inflation figures.

The pair continued with its struggle to find acceptance above the 1.2900 mark and witnessed a modest intraday pullback on Wednesday, albeit lacked any follow-through and remained well within the previous day's trading range. Growing market fears of a no-deal Brexit held the GBP bulls on the defensive and capped the GBP/USD pair's recent recovery move from seven-week lows.

On the economic data front, better-than-expected UK consumer inflation figures extended some support to the British pound and helped limit any deeper losses.