The British pound rebounded from the inflection point at $1.2730, forming a double top with the previous peak. PCE data ahead.

• GBPUSD pair The pair rose for the fifth day in a row on Wednesday, reaching a three-month high of $1.27. Moreover, the pair rebounded from the inflection point at $1.2730, forming a so-called double top, a technical analysis pattern that suggests a trend reversal may occur.
• The double top period remains in place for now as the British pound reversed to trade at $1.2680 early Thursday morning. The UK currency made significant progress in November this year, rising more than 4.5% for the month. Looking ahead, bulls may want to challenge the imminent resistance at $1.27.
• It's inflation data day in the US, and markets are awaiting the Federal Reserve's favorite inflation gauge. The Personal Consumption Expenditures, or PCE, index is scheduled to be released later today. The release is expected to bolster investor confidence that price pressures have eased and are moving closer to the U.S. central bank's 2% rate target.