The Pound Sterling (GBP) clings to gains above the psychological support of 1.3000 against the US Dollar (USD) in Wednesday’s London session.
The Pound Sterling exhibits strength against the US Dollar on Fed rate-cut optimism. Investors remain divided over the Fed rate-cut size in September. UK wage growth declines further in three-months ending July. The Pound Sterling clings to gains above the psychological support of 1.3000 against the US Dollar in Wednesday’s London session. The GBP/USD pair posted on Tuesday fresh year-to-date highs near 1.3050 amid sheer weakness in the US Dollar.
On the economic data front, investors will look to the UK preliminary S&P Global Purchasing Managers’ Index data for August, which will be published on Thursday. Economists estimate that flash Manufacturing PMI remained steady at 52.1, while activities in the service sector improved to 52.8 from the prior release of 52.5. Technical Analysis: Pound Sterling refreshes annual high The Pound Sterling posts a fresh annual high at 1.3050 against the US Dollar.
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