GBP/USD Price Playing with 1.3200, Awaits PMI Data and Risk Catalysts

• On Thursday, the GBP/USD fell for the second straight day amid a slight dollar strengthening.
• The Fed’s dovish outlook and the Russian-Ukrainian crisis boosted the dollar’s performance.
• Despite the NATO meeting, UK PMI, and US macro data, the downside remains muted.

As the European session began, the GBP/USD price was trading just below 1.3200, down 0.02% on the day.

The pair failed to capitalize on an overnight rally of around 30 pips from the 1.3175 area and retreated for the second straight day. The downtrend was fueled by a subsequent purchase of the US dollar, although there was no follow-up or bearish conviction.

A growing body of evidence suggests that the Fed will take more aggressive action to combat stubbornly high inflation that continues to support the dollar. Influential members of the FOMC, including Fed Chair Jerome Powell, discussed a 50-basis point rate hike during their May meeting.

Last week, the Bank of England lowered its language regarding the necessity of a future rate hike, which depressed the pound. However, stock market stability limited US dollar growth and supported the GBP/USD pair.

However, sentiments remain fragile amid concerns about a lack of progress in talks between Russia and Ukraine. In addition, fears that rising crude oil prices will further increase high inflation should dampen any optimism.

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There are bullish fundamentals for the US Dollar, supporting the prospect of a significant decline in the GBP/USD pair. The traders, however, tended to avoid aggressive directional bets, waiting for more news regarding the Russian-Ukrainian conflict.

As part of an emergency summit on the war in Ukraine, US Vice President Joe Biden arrived in Brussels on Saturday. Geopolitical headlines will affect risk sentiment, which, in turn, will boost dollar demand and give some momentum to the GBP/USD pair.

Meanwhile, traders are influenced by the latest UK and US PMI reports. As part of the US economic list, durable goods orders and initial jobless claims will be released, which may create some trading opportunities around the GBP/USD pair.

GBP/USD analysis via daily open interest

The GBP/USD price fell from the weekly highs last day. Meanwhile, the open interest showed a slight rise. It indicates a bearish outlook.

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GBP/USD price technical analysis: Bulls battling with 1.3200

The GBP/USD price is wobbling around the 20-period SMA (4-hour chart). The pair found slight respite around the 100-period SMA and is trying to gain. The volume data remains mixed at the moment, showing no clear bias. The 1.3200 level remains an important pivot point for the market. Sustaining above the level will be important for the bulls to gain further.