UK GDP Misses Forecasts; GBP/USD Holds Steady Near 1.2750

GBP/USD remains relatively unchanged near 1.2750 despite UK GDP data coming in weaker than anticipated during the European session. The UK economy expanded at a slower pace than forecast, reinforcing market expectations for a Bank of England rate cut in December. However, with this outcome already largely priced in, sterling showed limited reaction to the disappointing figures. The pair continues to trade within a narrow range as traders await fresh catalysts from upcoming Fed speakers in the American session. Technical indicators suggest consolidation between 1.2720 support and 1.2780 resistance levels. Market participants are closely monitoring any hawkish or dovish signals from Federal Reserve officials that could provide directional bias for the dollar. Without significant surprises from Fed commentary, GBP/USD is likely to maintain its current trading range through the remainder of the session.