Pound hits three week high, break above 1.3000 mark extends

British Pound continues to edge higher against the US dollar today, extending a break above 1.3000 mark. Markets are eagerly waiting for the US Fed monetary policy decision and US dollar been under stress ahead of it with a possible 50 basis point rate cut weighing on the US currency. Meanwhile, the GBPUSD pair has been rising on a consistent basis recently and is currently near a three week high. The pair currently quotes at 1.3225, up 0.11% on the day. UK economic cues are turning positive. The UK's unemployment rate fell to 4.1% from May to July 2024, down from 4.2% in the previous quarter. The number of unemployed individuals decreased by 74,000 to 1.44 million, with both short-term and long-term unemployment declining. Employment surged by 265,000 to 33.23 million, driven by a rise in full-time jobs.

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