Key Events Today:

19:00 UTC: USD – Release of the FOMC Meeting Minutes.

On Tuesday, the GBP/USD pair gained another third of a percent, reaching a new 13-month high and closing in the green for the third consecutive day as the British pound capitalized on the dollar’s weakness in the broader market. Market sentiment remains high ahead of the release of key business activity survey results and the upcoming Jackson Hole economic symposium.

Wednesday offers markets another chance to take a breather before important data is released in the second half of the trading week. August PMI data from the UK is expected to see a slight increase, with the services PMI component rising to 52.8 from 52.5. The manufacturing PMI is expected to remain unchanged at 52.1.

On Thursday, the US PMI business activity survey results will be released, along with the start of the annual Jackson Hole symposium, which will continue through the weekend. On Wednesday, the minutes from the last Federal Reserve (Fed) meeting will be published, but overall, markets will be looking to Thursday’s results for cues to move.

The US S&P Global Manufacturing PMI for August is expected to remain unchanged at 49.6, while the services PMI is projected to decrease by a full point to 54.0 from 55.0. The start of the Jackson Hole symposium is expected to attract investor attention on Thursday, but Fed Chair Jerome Powell’s speech on Friday will set the overall tone for market sentiment heading into next week.

Recommendations: Keep an eye on the 1.3050 level. If it holds above, consider Buy positions; if it bounces back, consider Sell positions.