GBP/USD struggles to hold its ground going into the Federal Reserve interest rate decision amid the pickup in the US Employment Cost Index (ECI), but the exchange rate may further retrace the decline from the April high (1.2710) if it shows a limited response to the negative slope in the 50-Day SMA (1.2617). The recent recovery in GBP/USD seems to have stalled ahead of the moving average as it slips to a fresh weekly low (1.2466), and it remains to be seen if the Fed will sway the near-term outlook for the exchange rate as the central bank is anticipated to retain the status quo. Join David Song for the Weekly ... (full story)