Back to back weekly gains for GBP/USD as the shockingly soft (vs expectations) Services PMI release had been countered by UK Chancellor Sunak’s support package for the cost of living squeeze. While the continuation of a pullback in the USD had also played a large part in underpinning the pair, as opposed to Sterling strength, given that EUR/GBP continues to oscillate around the 0.8500 handle. That being said, while the USD has taken quite a hit from the hint made by Fed’s Bostic that the Fed could pause come September, this is very much data-dependent. As its stands, inflation remains sticky and thus the Fed will ... (full story)