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The bar has been set very high for US Dollar gains in response to the Federal Reserve meeting on Wednesday, which forms the key event for the USD this week.
The Pound to Dollar was given a further impetus higher after the Bank of England (BOE) said they were seriously considering raising interest rates at their rate meeting last week.
Our latest technical studies suggest Pound Sterling's uptrend against the Dollar remains intact, but heavy resistance at a monthly pivot could thwart the advance.
The Dollar could be bottoming, say analysts at Bank of America Merril Lynch, who have gone against the grain of bearish forecasts in their latest insight piece.
The Pound is rising versus the Dollar and pushing up against the 50-day moving average on Tuesday, in a similar fashion to how it has over the last six days.
The Pound continued climbing against the Rupee since our last forecast and has met and surpassed our upside target of 83.175, reaching a high of 83.210 last Friday.
The Pound to Dollar has risen up to the 50-day moving average at 1.2969 and then pulled back under heavy selling pressure into Friday's close after the Dollar made a strong comeback after the release of August Payrolls.
The US Dollar remained broadly unchanged after the release of inflation data on Thursday, which showed personal consumption (PCE) rose by 0.1% month-on-month in July and 1.4% year-on-year (YoY).
The Pound to Dollar exchange rate was in the process of falling until it stationed on August 24, reversed and then started moving higher - which it has continued to do ever since.
The Pound lost ground against the Dollar during August, but since stationing on August 24 it has started a recovery which has taken it back up into the 1.29s - we look at why the Dollar keeps falling.
The effects of the latest slide in the Pound on the economy have been disappointing, says Capital Economics' Andrew Wishart, but that doesn’t mean things won’t get better in the future.
A major meeting of top central bankers in Jackson Hole Wyoming is the event on the top of everyone's agenda's today, although markets may be slightly optimisitc about the possibility of fresh information emerging, according to most analysts.