GBP/USD Price Forecast: More upside expected above 1.3570
The British Pound (GBP) is up 0.2% to near 1.3557 against the US Dollar (USD) during the European trading session on Wednesday.
The British Pound (GBP) has strengthened to around 1.3557 against the US Dollar (USD) during Wednesday's European trading session. This upward movement comes as the US Dollar faces selling pressure, with traders reducing expectations of Federal Reserve (Fed) interest rate hikes following weak US economic data for August. The GBP/USD pair is trading near 1.3560, maintaining a bullish outlook as it remains above the 20-day exponential moving average (EMA) at 1.3475 and the former resistance trend line that now serves as support near 1.3436.
The Relative Strength Index (14) at 64 indicates sustained upward momentum. Traders will be watching the release of the Federal Open Market Committee (FOMC) minutes from the July policy meeting, which are set to be published at 18:00 GMT. Currently, the GBP/USD pair is holding above the three-month high at 1.3571 and needs to break above this level to continue its advance towards 1.3600 and eventually the May high of 1.3658.
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