GBP/USD holds at two-week highs near 1.2300

Dear friends, Currently, GBP/USD is experiencing a continuous increase and has reached its highest level in nearly three weeks, trading at 1.2292 and preparing to touch the 1.2300 mark.

The reason behind this upward movement may be attributed to the decrease in US bond yields and the positive risk sentiment, which weakens the USD and supports GBP.

Looking at the chart, after receiving support around the 1.205 level, GBP/USD has surged strongly and is currently at a resistance level of 1.227. By breaking through this resistance level combined with Fibonacci retracement, a further price increase could extend to a high level of 1.2455.

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The UK's real Gross Domestic Product (GDP) expanded by 0.2% on a monthly basis in August, the UK's Office for National Statistics reported early Thursday. This reading followed the 0.6% contraction (revised from 0.5%) recorded in July and matched the market expectation. Other data from the UK revealed that Manufacturing Production and Industrial Production declined by 0.8% and 0.7% in the same period, respectively. Although the immediate market reaction to these figures was muted, they seem to be making it difficult for the Pound Sterling to continue to gather strength.