• GBP/USD loses ground as traders adopt caution ahead of US Personal Consumption Expenditure Price Index data.
• US Gross Domestic Product grew at 3.0% in Q2, exceeding both the expected and previous growth rate of 2.8%.
• The Pound Sterling may gain ground as traders expect the BoE to maintain higher rates for a longer period.

GBP/USD loses ground for the third successive session, trading around 1.3160 during the Asian hours on Friday. This downside could be attributed to the improved US Dollar (USD) following stronger-than-expected economic data released on Thursday. Investors await July’s US Personal Consumption Expenditure (PCE) Price Index scheduled to be released later in the North American Session.

The US Gross Domestic Product Annualized grew at 3.0% in the second quarter, exceeding both the expected and previous growth rate of 2.8%. Additionally, Initial Jobless Claims showed that the number of people filing for unemployment benefits fell to 231,000 for the week ending August 23, down from the previous 233,000 and slightly below the expected 232,000.

However, dovish remarks from the Federal Reserve could constrain further gains for the Greenback. Federal Reserve Atlanta President Raphael Bostic, a prominent hawk on the FOMC, indicated on Thursday that it might be "time to move" on rate cuts due to further cooling inflation and a higher-than-expected unemployment rate. However, Bostic wants to wait for confirmation from the upcoming monthly jobs report and two inflation reports before the Fed's September meeting.