Pound to US Dollar Exchange Rate Forecasts: "It may well attempt to creep towards 1.5600"

The Pound to US Dollar exchange rate is trading 0.13 pct up on last night's closing rate; 1 GBP converts into 15565 at 08:52 in London.

The US Dollar thus converts into 0.6424 GBP. SEE LATEST GBPUSD CHART HERE

Be Aware: The above are spot market quotes, your bank will subtract their own spread when passing their retail rate. However, an independent FX provider will guarantee to undercut your bank's offer, thus delivering you more currency. Please learn more here, or use our custom live vs retail currency converter.

• Out first short-term forecast comes courtesy of Emmanuel Ng at OCBC Bank:

"GBP-USD received another boost following the better than expected Aug manufacturing PMI and the pair may remain supported on a
heavy EUR-GBP ahead of the BOE/ECB meetings this Thursday.

"If cable is able to continuously hold above the 200-day MA (1.5502), it may well attempt to creep towards 1.5600 in the near term barring a positive USD disturbance this week."

• However, Geoffrey Yu at UBS warns that resistance could see any rally in the GBP to USD scuppered:

"As long as resistance at 1.5608 holds, the risk is for resumption of weakness to test the strong support at 1.5373."

The team at UniCredit Bank say they favour selling into the rally:

"Cable failed to hold gains towards 1.56 despite the strong UK PMI survey, confirming that selling it into rally remains recommended."

• Ipek Ozkardeskaya at Swissquote Research says:

"GBP-USD remains well supported above the 200-dayMA (1.5502) with the confirmation of $130bn UK Vodafone – US Verizon deal.

"The bias remains on the upside on supportive economic data and traders continue to see buying interest in GBP ahead of BoE policy verdict due on Thursday. GBPUSD kick-started the day in London and is likely to keep challenging the topside."