GBP Hangs Near Weekly Low as USD Bulls Eye Fed's Warsh

The British Pound (GBP) has been trading near its weekly low against the US Dollar (USD), below the 1.3600 mark, during the Asian session on Thursday.

Traders are cautious and looking for more cues about the US Federal Reserve's (Fed) interest rate path before placing fresh directional bets. The recent data showed that the US Personal Consumption Expenditures (PCE) Price Index rose 3.7% over the 12 months through July, unchanged from the previous month and slightly above consensus estimates.

This points to still-sticky US inflation and supports the case for at least one Fed rate hike by the end of this year, helping the USD preserve overnight gains and acting as a headwind for the GBP/USD pair.