The British Pound remains range-bound as traders await Friday’s Nonfarm Payrolls report amid fading Fed rate hike expectations.
The British Pound (GBP) trades at 1.3460 against the US Dollar (USD), down slightly from Wednesday’s high of 1.3486. The pair remains confined to a 100-pip range, with resistance at 1.3500 and support near 1.3400.
Recent upward revisions to the UK’s July Services PMI and weaker US employment data have provided modest support for the Sterling. Meanwhile, US Treasury yields have declined, reducing bets on a September Fed rate hike to 54% from 67% earlier in the week.
Analysts note a neutral-to-bullish tone for GBP/USD, citing potential for a retest of 1.3555 if resistance at 1.3500 is breached. Support is seen at 1.3390.