GBP/USD: Rebound remains capped below 1.1800 amid mixed UK PMIs, bear cross GBPUSD PMI Technical Analysis Currencies DollarIndex
The US dollar maintains the pullback amid cautious optimism, weaker Treasury yields.GBP/USD
While activity in the services sector remained near July's 52.6, the manufacturing component tumbled to 46.0 in August from 52.1 in July, its lowest since May 2020. Despite the renewed upside, cable remains vulnerable, as the state of the UK economy remains dire amid surging inflation, the European gas crisis and political concerns., the price is clinging to the critical support line at 1.1760. A daily closing below the latter is required to cement the ongoing downtrend towards the falling trendline support at 1.1565.
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