The GBP/USD pair saw weekly losses and remained directionless below the 1.2650 mark during the North American trading session on Friday. Despite a positive UK GDP report, the pair was largely unchanged at 1.2642 due to an increase in the Fed’s preferred inflation measure, the PCE Price Index.
In another development, the Pound Sterling made gains against the US Dollar in the New York session as the US core PCE Price Index dropped as expected in May. This led to a slight increase in the GBP/USD pair.
Looking ahead, the GBP/USD pair continued to be vulnerable near its monthly low as traders awaited the US PCE data. The pair experienced a slight negative bias during the Asian session, trading around the 1.2635-1.2630 range and remaining close to its lowest level since mid-May.
Overall, the GBP/USD pair’s movements were influenced by economic data releases and market sentiment, with traders closely monitoring developments in the US and UK economies.