GBPUSD Chart Technical Outlook consolidates losses above 1.2580 support, the bearish bias remains active.
The Pound is trading sideways on Monday, consolidating losses after having depreciated nearly 2.5% over the last two weeks. The support level at 1.2580 is holding bears for now. Below here, the next target is 1.2525. Resistances are at 1.2670 and 1.2800.
The US Dollar remains steady despite the softer-than-expected US PCE Prices Index seen last week. Inflation eased in February, keeping hopes of a June rate cut alive, while the strong consumer spending confirmed that the US economy remains resilient.
Fed Chair Jerome Powell stated that these are the inflation levels that he wanted to see, but reminded that the bank is not in a rush to cut rates, which has kept the US Dollar from retreating further.
The UK calendar is light today, and the focus will be on the US ISM Manufacturing PMI.
