GBP/USD loses its recovery momentum below 1.2700, eyes on UK Retail Sales

GBP/USD weakens to 1.2695 on the firmer USD on Friday. The US PMI accelerated to the highest level in just over two years in May. The UK inflation data dashed hopes of BoE rate cuts in June. Themajorpair edges lower after retracing from the recent top around 1.2760 amid renewed US Dollar demand. Later on Friday, the UKRetail Sales,US Durable Goods Orders, and Michigan Consumer Sentiment Index will be due. On Thursday, the flash US S&P Global Composite PMI climbed to 54.4 in May from 51.

A surge in prices of inputs in the manufacturing sector suggested that inflation could pick up in the months ahead, which might prompt the US Federal Reserve to delay the interest rate cut this year.This, in turn, provides some support to the Greenback and creates a headwind for the GBP/USD pair. On the other hand, the UK CPI inflation report earlier this week prompted investors to lower their bets on the Bank of England rate cut next month.

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