GBP/USD edges higher on Monday as fading expectations of an imminent Federal Reserve (Fed) rate hike drag the US Dollar (USD) lower and lift the British Pound (GBP) to its highest level since May 12. At the time of writing, the pair trades around 1.3555, building on its late-July recovery after clearing several key moving averages.
The US Dollar Index (DXY), which tracks the Greenback’s value against a basket of six major currencies, trades around 99.45 after touching 99.30, its lowest level since June 5.
Strategists at UOB Group concede that their recent shift to a neutral stance on GBP was “premature,” after the Pound “rose sharply, breaking…
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