The GBP/USD pair reached a new 13-month high on Tuesday, with Pound Sterling continuing its upward momentum against the weakening US Dollar. Market focus is now on the upcoming Jackson Hole Economic Symposium set to kick off on Thursday.
As investors await key data releases, including the UK Purchasing Managers Index (PMI) figures and US PMI business activity survey results, market sentiment remains positive. The Federal Reserve’s Meeting Minutes on Wednesday will set the stage for Thursday’s market movements.
Looking ahead, the GBP/USD price forecast shows potential for further gains, but caution is advised as a double-top formation could signal a short pressure trap. The nearest technical barrier lies at the 50-day Exponential Moving Average (EMA) near 1.2806.
Analysis and Breakdown
The GBP/USD pair is at a 13-month high due to Pound Sterling’s strength against the US Dollar. Investors are optimistic ahead of key data releases and the Jackson Hole Economic Symposium. The Pound Sterling’s value is influenced by monetary policy, economic indicators, and trade balance data. A strong economy and positive data releases can boost the Pound Sterling, while negative data can lead to a decline. Traders should monitor upcoming events and technical levels to make informed investment decisions.