GBP/USD is bouncing back above 1.2800, despite modest US Dollar strength in the European session on Friday. The US Dollar builds on the previous day’s strong rally from a one-week low and climbs to its highest level since July 10 ahead of US PCE inflation. GBP/USD broke below 1.2800/1.2810 area, where the Fibonacci 61.8% retracement level of the latest uptrend and the 200-period Simple Moving Average align. Meanwhile, the Relative Strength Index (RSI) indicator on the 4-hour chart stays between 30 and 40, suggesting that the pair has more room on the downside before turning technically oversold.

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