GBP/USD holds in consolidation pattern as data beats expectations on Wednesday

• GBP/USD shed a few points to hold in rough congestion zone near 1.3300.
• UK GDP figures beat expectations, and US PPI inflation also eased more than expected.
• Key US consumer sentiment figures in the barrel for Friday.

GBP/USD turned lower on Thursday, shaving off a few points and keeping bids stuck to a near-term consolidation range just south of 1.3300 as markets got more or less what they wanted from economic data releases during both the London and American market sessions. United Kingdom (UK) Gross Domestic Product and United States (US) Producer Price Index (PPI) inflation both beat the street, preventing markets from moving too far in either direction.

UK GDP growth for the first quarter came in stronger than expected, bouncing to a surprising 0.7% QoQ. On the US side, PPI inflation eased to just 0.1% MoM in April and giving investors to breathe a sigh of relief, at least for now, that tariff impacts haven't hit headline economic data... at least for now.

The University of Michigan's (UoM) latest Consumer Sentiment Index will be released on Friday. Median market forecasts are expecting an uptick in consumer survey results, which has fallen for four consecutive months to hit a two-year low of 52.2. Investors are hoping that consumer sentiment will recover slightly and push the index back up to 53.4.

GBP/USD price forecast

GBP/USD price action remains stubbornly stuck in a choppy zone near the 1.3300 handle. Bids remain unable to climb back over the key price level ever since backsliding from 1.3445 in early April, however bullish pressure remains firm enough to prevent a decline back below the 50-day Exponential Moving Average (EMA) near 1.3110.

GBP/USD daily chart