GBP/USD Treads Water as Markets Await US Employment Figures

The British Pound (GBP) is trading at 1.3460 against the US Dollar (USD), down from Wednesday's highs of 1.3486, but still within a 100-pip range.

A weak US Dollar has kept downside attempts supported above the 1.3400 area, while bulls are capped below 1.3500.

The Sterling drew support on Wednesday 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 rate hikes further.

Strategists at Scotiabank describe the Pound's tone as 'neutral/bullish', highlighting a 'solid rise in Cable last week' and suggesting some upside potential for the Pound.