GBP/USD Pulls Back Amid Mixed Economic Signals

The GBP/USD currency pair pulled back from its session high of about 1.3267 to trade at around 1.3193 on Thursday.

This movement occurred within a descending channel formation on the 60-minute chart, suggesting that the bears may have the upper hand in this market.

From a fundamental perspective, recent US economic data was somewhat mixed. The initial jobless claims for last week edged lower to 197k, beating expectations of 200k. However, personal income for August missed forecasts with a change of only 0.2% month-over-month.

The UK's gross domestic product for Q2 beat estimates with a quarterly growth rate of 0.5%, outperforming the expected 0.4%. The annualized GDP also surpassed expectations with a change of 1.4%, up from 1.2%.