GBP/USD turned lower on Thursday, trimming a few pips to remain in a short-term consolidation range around 1.3300 as markets more or less got what they wanted from economic data releases during the London and US session. Both UK GDP and US PPI inflation exceeded market expectations, preventing the market from moving too much in either direction.

UK GDP growth in the first quarter was stronger than expected, rebounding unexpectedly to 0.7% month-on-month. In the United States, PPI inflation slowed to only 0.1% month-on-month in April, giving investors some relief that, at least so far, the impact of tariffs has not had a significant impact on economic data.

The latest consumer sentiment index from the University of Michigan (UoM) will be released on Friday. The median market forecast was for an increase in the consumer survey after the index fell for four straight months to a two-year low of 52.2. Investors are hoping that consumer confidence will recover a bit and push the index back up to 53.4.