GBPUSD Technical Analysis – The Pound surges on US Dollar weakness ...Middle East

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GBPUSD Technical Analysis – The Pound surges on US Dollar weakness
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Fundamental OverviewThe USD continues to remain under pressure amid positive risk sentiment and the imminent rate cuts from the Fed which should help global growth. These are generally bearish drivers for the greenback.In fact, the appreciation of the GBP has been mostly driven by the US Dollar side of the equation. The market sees a 64% probability that the BoE keeps rates steady in September and then delivers at least two rate cuts by the end of the year. The focus will be on tomorrow’s Flash PMIs and then Fed Chair Powell speech at the Jackson Hole Symposium on Friday. GBPUSD Technical Analysis – Daily TimeframeOn the daily chart, we can see that GBPUSD rallied all the way to the 1.3043 l

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