The Pound Sterling declines against the US Dollar to nearly 1.2880 amid dismal market sentiment ahead of advanced US Q2 GDP data. Firm preliminary S&P Global/CIPS PMI for July has improved the UK’s economic outlook. BoE officials hesitate to authenticate market speculation for a rate cut in August. The Pound Sterling weakens to 1.2880 against the US Dollar in Thursday’s London session.
4, respectively, outperforming their former releases. Technical Analysis: Pound Sterling slips below 1.2900 The Pound Sterling skids below the crucial support of 1.2900 against the US Dollar. The GBP/USD pair trades in a Rising Channel formation on a daily timeframe, in which each pullback move is considereda buying opportunity by market participants. The Cable holds the key 20-day Exponential Moving Average , which trades around 1.2866. The 14-day Relative Strength Index returns within the 40.