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GBP/USD hits three-month highs as investors eye UK data and Fed expectations

Scotiabank strategists flagged a UK data-heavy week, with wages, jobs, CPI and retail sales seen as risks for the pound after it moved toward a test of the May high at 1.3660.

Reported · Written up by our desk · Major Pairs

GBP/USD pushed to fresh three-month highs, with Scotiabank strategists Shaun Osborne and Eric Theoret noting the British pound remains behind core European peers but still gained ground versus the US dollar.

They described short-term technicals for Cable as bullish, pointing to room to retest the May high at 1.3660 and citing support around 1.3530 to 1.3535.

FXStreet also tied the move to expectations that have been cooling for a September Fed rate hike, which has weighed on the greenback after a run of disappointing US data releases.

Attention is set on a heavy UK calendar, including wages, jobs, CPI and retail sales, which the strategists said could drive additional swings in the pair in the near term.

Latest closeGBP/USD 1.354 ▲0.3%

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