GBP/USD stabilizes above 1.2300 after strong US-UK data, as US ceiling talks continued

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• GBP/USD recovered from weekly lows, maintaining a position above the 1.2300 figure, while US Treasury bond yields reached their highest since March.
• The Core PCE, Fed’s preferred inflation measure, climbed to 4.7% YoY in April, pushing the odds of a 25 bps rate increase in June to 65.4%.
• Retail sales in the UK skyrocket, reaching their fastest pace in nearly two years, fueling market expectations of a significant bank rate increase, potentially up to 5.50%.

GBP/USD regained some composture past the mid-North American session and bounced off the weekly lows, clinging above the 1.2300 figure amidst a week that witnessed solid US and UK data. Therefore, the GBP/USD stays positive in the day, gains 0.19%, and trades around 1.2340s.