GBP Holds Steady Ahead of Key US Employment Data

The British Pound (GBP) has been holding steady against the US Dollar (USD), trading at around 1.3460 as of Thursday's European session.

This comes after a slight dip on Wednesday, when the GBP/USD pair reached highs of 1.3486 before falling back to its current level.

The Sterling drew some support from an upward revision of July’s S&P Global Services PMI figures and another downbeat employment reading in the US, which cast doubts about Friday’s Nonfarm Payrolls report and cooled hopes of Federal Reserve (Fed) rate hikes further.

Economists at Deutsche Bank expect a modest improvement in hiring, predicting employment growth of +65k, slightly above June's +57k reading.