The GBP/USD pair has experienced weekly losses and is currently directionless below the key resistance level of 1.2650. Despite a positive UK GDP report, the pair remains subdued in the North American session. The recent uptick in the Fed’s preferred inflation gauge, the PCE Price Index, has capped any significant movement in the pair, which is currently trading at 1.2642.
On Friday, the Pound Sterling saw a boost against the US Dollar as the US core PCE Inflation cooled down as expected. This led to a slight increase in the GBP/USD pair during the New York session. The decline in the core PCE Price Index in May contributed to the strengthening of the Pound Sterling against the US Dollar.
Despite the recent gains, the GBP/USD pair remains vulnerable near its monthly low. The pair has been experiencing a mild negative bias, with spot prices hovering around the 1.2635-1.2630 area during the Asian session on Friday. The pair is within striking distance of the lowest level since mid-May, which was reached on Thursday. Traders are eagerly awaiting the US PCE data to determine the pair’s next potential move.
The GBP/USD pair’s price analysis shows a lack of clear direction as it remains below the 1.2650 resistance level. The pair is currently trading at 1.2642, with little movement following a positive UK GDP report. The uptick in the Fed’s preferred inflation gauge, the PCE Price Index, has limited any significant gains in the pair for the time being.
In Friday’s New York session, the Pound Sterling gained ground against the US Dollar as the US core PCE Inflation decreased as expected. This led to a slight increase in the GBP/USD pair as the core PCE Price Index declined in May. The positive movement in the Pound Sterling against the US Dollar reflects the impact of key economic data releases on currency pairs.
Despite recent gains, the GBP/USD pair remains vulnerable and shows a mild negative bias near its monthly low. Spot prices are currently hovering around the 1.2635-1.2630 area in the Asian session on Friday, staying within striking distance of the lowest level since mid-May. The upcoming US PCE data will play a crucial role in determining the pair’s future direction and potential price movements.
