The British pound continued its strong performance against major currencies, hitting a five-week high against the US dollar, supported by declining bets on an imminent cut in British interest rates.
Markets are awaiting the release of UK economic growth data for the second quarter today, which may determine the features of the Bank of England's monetary policy in the coming period.
Forecasts indicate slight growth of 0.1%, and if the results come in stronger than expected, we may see a new upward trend for the pound, especially with the easing of pressure to cut interest rates at the next September meeting.
From a technical perspective, the GBP/USD pair is testing key resistance levels, and any clear breakout could open the door for further gains in the short term.
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