Forex
GBP/USD Tests Key Support as Traders Eye Upcoming Economic Data
The GBP/USD exchange rate has declined nearly 2.5% from its August high after breaking below the September opening range.
Sterling is approaching a key support area after failing to hold above recent resistance levels, and the pair remains below the short-term moving average, showing continued selling pressure.
The next move may depend on upcoming UK and US PMI data, which could influence expectations for economic momentum.
The Flash Manufacturing and Services PMI figures are due from both the UK and U.S. on the 23rd, offering crucial clues on economic performance that will affect the pound and dollar.