GBP Rebounds as UK GDP Revised Upward and US Dollar Retreats

The British Pound has regained some ground against the US Dollar after a combination of supportive factors pushed it to a two-month low earlier this week.

The UK's second-quarter GDP was revised upward from 0.4% to 0.5%, sparking increased bets for a Bank of England rate hike, which in turn supported the Pound.

The US Dollar, meanwhile, retreated due to falling US bond yields and a decline in consumer confidence, leading to some profit-taking on USD positions.

Despite this, hawkish expectations from the Federal Reserve still linger, limiting deeper losses for the USD. The Fed is expected to raise borrowing costs again by the end of the year, with over 90% probability according to CME Group's FedWatch Tool.