UK CPI Reinforces Hawkish BoE Stance as US-Iran Talks Grip GBPUSD

UK March CPI came in line at +3.3% y/y, with core easing to 3.1% but services inflation rising to 4.5%, solidifying a neutral-to-hawkish Bank of England outlook and supporting the pound amid quiet European trading. This follows yesterday's stronger-than-expected UK jobs data (ILO unemployment 4.9% vs 5.2% forecast), which trimmed near-term BoE rate-cut odds. US data is light today, leaving US-Iran ceasefire extensions and ECB speakers (Lane, Nagel, Lagarde) as key risks for GBPUSD flows, with geopolitics poised to dominate sentiment.