GBP/USD retraces the decline following the stronger-than-expected US Consumer Price Index (CPI) after failing to take out the monthly low (1.2518), and the exchange rate may stage a further advance should it push above the opening range for February. Nevertheless, the update to the US Personal Consumption Expenditure (PCE) Price Index may sway GBP/USD as the Federal Reserve endorses a data dependent approach in managing monetary policy, and another downtick in the core PCE, the Fed’s preferred gauge for inflation, may keep GBP/USD afloat as the index is expected to narrow to 2.8% in January from 2.9% per annum the ... (full story)