GBP/USD holds steady above 1.2100 mark, looks to US PCE Price Index for fresh impetus

The GBP/USD pair struggles to capitalize on the previous day's goodish rebound from the 1.2070 area, or over a three-week low and seesaws between tepi

GBP/USD lacks firm intraday direction and oscillates in a narrow range on Friday. Hawkish Fed expectations continue to lend support to the USD and cap the upside. Bets that the BoE will maintain the status quo in November and act as a headwind. d gains/minor losses during the Asian session on Friday. Spot prices, meanwhile, manage to hold comfortably above the 1.2100 round-figure mark and remain at the mercy of the US Dollar price dynamics.

Apart from this, expectations that the Bank of England will keep interest rates on hold at a 15-year high of 5.25% on November 2 might hold back traders from placing bullish bets around the British Pound and cap the GBP/USD pair. This makes it prudent to wait for strong follow-through buying before confirming that spot prices have formed a near-term bottom and positioning for any meaningful appreciating move.

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