Pound Sterling Extends Gains Ahead of Jackson Hole

The Pound Sterling has continued its upward momentum, reaching a new annual high against the US Dollar. The GBP/USD pair remains supported by a weaker

The Pound Sterling has continued its upward momentum, reaching a new annual high against the US Dollar. The GBP/USD pair remains supported by a weaker US Dollar and growing expectations for a more dovish Federal Reserve.

The upcoming Jackson Hole Symposium will be a key event for investors, with the focus on Federal Reserve Chair Jerome Powell’s speech. While market participants anticipate a rate cut in September, uncertainty remains regarding the magnitude of the reduction.

Technical Outlook

The GBP/USD pair is exhibiting a strong bullish trend, with the 20-day EMA providing support. The RSI indicates a strong upside momentum, and the pair is approaching key resistance levels at 1.3100 and 1.3140.

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