GBP/USD remained in a consolidation phase above 1.2500 early Friday, with the technical picture indicating a bullish bias. The pair reached its highest level in two weeks at 1.2540 before pulling back slightly in the European session.
The US Dollar weakened against other currencies after disappointing US data on Thursday, with GDP growth falling below market expectations. The positive shift in risk sentiment on Friday helped GBP/USD hold its ground, with S&P Futures up 0.65% at the time of writing.
The upcoming release of the PCE Price Index data for March by the US Bureau of Economic Analysis may impact market sentiment, although the Fed is expected to keep the policy rate unchanged in June.
In terms of technical analysis, the Relative Strength Index on the 4-hour chart remains above 60, indicating a bullish bias. Immediate resistance levels for GBP/USD are at 1.2530 and 1.2560, with support levels at 1.2450, 1.2440, and 1.2400.
Overall, GBP/USD is maintaining its bullish momentum despite some fluctuations, with market sentiment and technical indicators supporting a positive outlook for the pair.