GBP/USD hovers barely below mid-1.1900s ahead of US data/FOMC minutes.

 

GBP/USD rises for the second day and reaches a new weekly high. Bets on the Fed raising rates less aggressively weigh on the USD and strengthen the pair. The GBP is supported by better-than-expected UK PMI, which also supports the upward trend.
Ahead of the crucial FOMC minutes, investors are now looking to US macro data for some dynamism.

For the second straight day on Wednesday, the GBP/USD pair builds on the previous day’s upward movement and finds some follow-through strength. The pair retains a buy tone through the early North American session and is now trading close to the weekly high, just below the mid-1.1900s.

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