Forex
GBP Dips to Fresh Weekly Lows as USD Bulls Await PCE Data
The British Pound (GBP) has dipped to fresh weekly lows against the US Dollar (USD), falling below 1.3620 after being rejected at 1.3660 resistance.
US Dollar bulls are subdued ahead of the release of July's Personal Consumption Expenditures (PCE) Price Index, with Brown Brothers Harriman's Elias Haddad expecting PCE data to 'echo the soft July CPI and retail sales data, giving the Fed room to stay on hold.'
The near-term trend remains bullish, but technical indicators show weaker upside traction. A breakdown below 1.3620 could trigger a deeper bearish correction, potentially targeting the previous resistance area around 1.3565.