• GBP trades in a narrow 27pip range as spot slips back below 1.35. Overnight range = 1.3475-1.3502

• UK Q2 GDP came in at 0.4%, in-line with consensus but market shrugged it off - no catalyst to break the range

• Wednesday's U.S. CPI report offered little surprise, keeping USD flows more two-way but directionless

• Initial support comes in 1.3470-76 (200-hour MA cluster), then 1.3445-50 (pre-payrolls level)

• Resistance unchanged at 1.3556 - likely to hold unless a clear macro catalyst underpins topside momentum
GBPUSD hourly chart


Justin McQueen is a Reuters market analyst. (The views expressed are his own). ((Email: ))