GBP/USD stuck in a range, around mid-1.3700 post-US data

   •  US weekly jobless claims fall to the lowest level since 1969.
   •  Mostly in-line/stronger US data does little to provide fresh impetus.
   •  US ISM PMI/Powell’s testimony eyed for some trading opportunities.

The GBP/USD pair extended its consolidative price action through the early NA session and had a rather muted reaction to the US economic data.

The pair held with modest daily losses near mid-1.3700s and move little after data released from the US showed initial weekly jobless claims unexpectedly fell to 210K during the week ended Feb. 24, the lowest level since December 1969.

Adding to the positive labor market report, personal income recorded a slightly better-than-expected growth of 0.4% in January, while personal spending data held stable at 0.3% m-o-m. Moreover, the mostly in-line release of core PCE price index also did little to provide any fresh impetus to the major.

Meanwhile, the British Pound remained on the back-foot and continues to be weighed down by some renewed Brexit worries, which might now keep a lid on any meaningful recovery, at least for the time being.

Investors now look forward to the US ISM manufacturing PMI and the Fed Chair Jerome Powell's second appearance before the Congress for some fresh impetus. 

Technical outlook

Valeria Bednarik, American Chief Analyst at FXStreet writes: “the 4 hours chart shows that the 20 SMA is crossing almost vertically below the 200 EMA, both far above the current level, while technical indicators aim to regain the downside after a period of consolidation near oversold readings. A break below 1.3720 is required to confirm further slides, while the bearish pressure may ease only on a steady recovery above 1.3765, the mentioned February low.”