Pound Sterling Strengthens as Market Awaits Jackson Hole
The Pound Sterling has continued its upward trajectory, reaching a new year-to-date high against the US Dollar. The UK currency is benefiting from a combination of factors, including expectations for a more dovish Federal Reserve and recent positive economic data from the United Kingdom.
The release of the UK's preliminary S&P Global PMI data for August will be closely watched by investors, as it could provide further insights into the domestic economic outlook.
Technical Outlook
The GBP/USD pair remains in a strong uptrend, with the 20-day EMA offering support. The RSI is indicating bullish momentum, while the pair's recent breakout above the 1.3000 level suggests further upside potential. Key resistance levels to watch include 1.3100 and 1.3140.