The GBP/USD pair edges higher on the first day of a new week, albeit lacks follow-through buying or build on its modest intraday gains around the 1.26
The mixed US monthly jobs report released on Friday ensures that the Fed will leave rates unchanged at its September meeting and fails to assist the USD to capitalize on last week's strong move up back closer to the August monthly swing high. In contrast, the is anticipated to continue with its policy tightening cycle to combat high inflation, which turns out to be another factor acting as a tailwind for the GBP/USD pair.
Adding to this, BoE Chief Economist Huw Pill noted last Thursday that inflation in the UK remains "too high" and added that there is a lot of policy in the pipeline to come through. That said, the lack of buying interest warrants some caution before placing fresh bullish bets around the GBP/USD pair and positioning for any meaningful appreciating move. The markets are still pricing in the possibility of one more 25 bps Fed rate hike by the end of this year.
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