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- GBP/USD draws support from a combination of factors, albeit it lacks bullish conviction.
- Expectations for a slower BoE rate-cutting cycle continue to underpin the British Pound.
- Bets for a larger Fed rate cut in September weigh on the USD and further lend support.
The GBP/USD pair trades with a positive bias around mid-1.3100s during the Asian session on Thursday, albeit it lacks strong follow-through buying and remains below the weekly top touched the previous day.
The British Pound (GBP) continues to be underpinned by expectations that the Bank of England’s (BoE) rate-cutting cycle is more likely to be slower than in the Eurozone or the United States. The bets were lifted by a survey from the British Retail Consortium, which showed that spending in August increased by 1.0% YoY – marking the strongest uptick since March. This, along with a softer US Dollar (USD), turns out to be a key factor acting as a tailwind for the GBP/USD pair.
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