• GBP/USD choppy in NY trade, U.S. CPI core m/m came in firm, but the move lacks conviction

• Dollar’s failure to bid on ostensibly positive data suggests the path of least resistance is lower

• Market-implied odds now price an 87% chance of a Fed hike next week, up from 67% pre-CPI

• UK GDP beat forecasts, supporting a more constructive tone for sterling

• Meanwhile, the currency remains surprisingly resilient to the moves higher in yields and oil

• Spot essentially flat on the week, underscoring ongoing indecision
GBPUSD daily chart

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