Office FOR National Statistics

GBP/USD has retreated sharply from this month’s high as traders position for key US macro data and upcoming central bank decisions. Technical signals remain tilted to the downside, with chart watchers focusing on 1.3150 as a potential support target if selling pressure persists.

GBP/USD climbed to 1.3535, its highest level since May 12, as softer US inflation data weighed on the dollar and supported sterling demand. Traders are watching UK political developments, mixed domestic growth figures and upcoming US retail sales and pending home sales data for the next directional cue.