The GBP/USD pair extends the overnight late pullback from the 1.2670 region and trades with a mild negative bias during the Asian session on Friday.
GBP/USD attracts fresh sellers on Friday, though the downside remains cushioned. Traders now seem reluctant to place aggressive directional bets ahead of the US PCE. The technical setup suggests that the path of least resistance remains to the downside. Spot prices currently hover around the 1.2635-1.2630 area and remain well within the striking distance of the lowest level since mid-May touched on Thursday.
Moreover, oscillators on the daily chart have been gaining negative traction and suggest that the path of least resistance for the GBP/USD pair is to the downside. That said, any subsequent slide is likely to find some support near the weekly low, around the 1.2615-1.2610 area, ahead of the 1.2600 mark, which if broken will set the stage for deeper losses. The GBP/USD pair might then accelerate the downfall towards challenging the very important 200-day SMA, currently pegged near the 1.
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