GBP/USD churns chart paper near key figures ahead of quiet session

• GBP/USD remains bolstered above 1.3450 and the 50-day EMA.
• A midweek lull will give Cable traders some breathing room on Wednesday.
• US growth and inflation data to dominate the scope heading into the end of the week.

GBP/USD rebounded from early-week losses on Tuesday, bouncing back up from a fresh technical floor near the 1.3450 level. Cable has been drifting within familiar technical levels as broad-market investor sentiment grinds to a halt ahead of key US economic figures.

It'll be a quiet market session on Wednesday; meaningful economic data is functionally absent on both sides of the Atlantic. Investors will be on the lookout for further political headlines from the Trump administration as traders await results from President Donald Trump's attempt to directly "fire" Dr. Lisa Cook from the Federal Reserve (Fed) Board of Governors on Monday.

US numbers to dominate the data docket later this week

The midweek data peace will end on Thursday, when the latest US Gross Domestic Product (GDP) growth figures will be released. Quarterly US GDP growth is expected to tick up to 3.1% on an annualized basis, but the key data print this week will be Friday's US Personal Consumption Expenditures Price Index (PCE) inflation print. PCE inflation is expected to rise slightly once again, and rising inflation pressures will make it difficult for the Fed to continue its march toward a fresh interest rate cut on September 17.

GBP/USD price forecast

On the hourly chart, GBP/USD has been hovering just above the 1.3500 level, a spot that felt more like a soft landing than a hang-tight zone. After reversing sharply from a recent dip, the pair found traction above key moving averages, sweeping past the 100-period and barely poking over the 200-period simple moving average. Those who tick at the market's pulse will notice support stacking up between 1.3500 and 1.3510, acting like mooring lines, while overhead resistance starts to firm around 1.3540, the Fibonacci 61.8% retracement of the latest slide. The RSI readings may not be screaming overbought yet, but price action suggests tentative optimism and a market that's quietly betting on further upside.

On the daily chart, GBP/USD is in a choreography of consolidation between roughly 1.3400 on the downside and the 1.3600 zone above. Technicals remain constructive so long as the move above 1.3400 holds, and a breach above 1.3400 could re-ignite the longer-term uptrend sustained since 1.3050 in 2022, potentially targeting the projection up near 1.3800. For now, traders appear to be in a "wait for clear direction" mode, with markets digesting dovish tones from the Fed and a weaker US Dollar backdrop lending support to Cable's consolidation.

GBP/USD daily chart