GBP/USD consolidates ahead of another busy data schedule for UK markets Thu

Q2 preliminary GDP expected to rise 0.6%; industrial output, trade data due

Recovery from last week's 1.2666 low pauses as BoE Sep rate cut bets rise

UK inflation picks up less than expected, boosting rate cut bets

Services inflation slows sharply to 5.2% from 5.7% in relief for BoE

Probability of Sep 25bps cut at 42%; 48 bps of cuts priced in by end Dec

Waning but sticky US CPI dampens hopes of large Sep rate cut, weighs on GBP

Wednesday global range 1.2867-1.2812; Thursday range 1.2820-1.2833

Support 1.2795-1.2800, 1.2770, resistance 1.2870, 1.2900-10

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