GBP/USD holds near 1.3600 on Thursday, effectively unchanged at minus 0.05% across a range of barely thirty pips, a third session of drift beneath the high just short of 1.3700 posted earlier this week.
The pair sits more than a cent above a steeply rising 50-day Exponential Moving Average (EMA) near 1.3450, and the daily Stochastic Relative Strength Index (Stoch RSI) above 90 has started to roll over
The month is borrowed Sterling has added roughly 2.2% against the Dollar since the last days of July, when the pair sat near 1.3300. Across the same stretch the Dollar Index has lost roughly 2.3%, falling from just beneath 101.50 to just above 99.00. The two figures differ by about a tenth of a percentage point, which accounts for the entire four-cent move on the other side of the quote.
The Bank of England has been on hold since July 30 and the next decision is September 17, so there has been no domestic policy event in five weeks for any of this to attach itself to. July inflation printed 2.9% with services easing to 3.4% and producer input prices falling, the labour figures softened, and none of it argued for urgency. The Pound has not been bought so much as the Dollar has been sold in front of it, which is a different trade with a different owner.