GBP/USD trades with modest losses below mid-1.3900s. Sustained USD buying prompted some selling around GBP/USD on Thursday. The downside seems limited ahead of the Fed Chair Jerome Powell’s speech. The lack of any meaningful buying interest and repeated failed attempts to move back above the key 1.4000 psychological mark suggests that the positive news is fully priced in. Hence, any attempted move up runs the risk of fizzling out rather quickly. EUR/USD is likely to remain contained within an effective 1.1950-1.2350 range. The dollar index was up 0.1% at 91.002, adding to Wednesday’s gain of around 0.3%. USD/JPY was up 0.1% at 107.13, after hitting a seven month high the previous session. However, commodity currencies were still well-bid: the risk-sensitive AUD/USD rose 0.5% to 0.7812, continuing to show strength after Wednesday’s strong GDP data. The kiwi and Canadian dollar also rose.