Sterling against the dollar is holding its ground near 1.3475, but the vibe in the market feels pretty cautious right now. Traders are basically sitting on their hands, waiting to see what the US CPI numbers will bring to the table. There's that typical pre-data tension—everyone's got their finger on the trigger, but nobody wants to make a big move before the inflation figures drop. The pair's stability masks some real uncertainty underneath. Will the CPI come in hotter or cooler than expected? That's the question keeping most players in check. Historically, these economic reports can swing currency pairs pretty hard, and GBP/USD is no exception. The hesitation we're seeing reflects that broader market nervousness about what inflation data might mean for Federal Reserve policy down the line.