GBP/USD is trading at 1.24397, 0.04% up since previous day close. The Sterling Pound turned out to be positive to some extent against the mixed USD ahead of the FOMC meeting with suspicious view over interest rate hike decision which is to be held in next week. Earlier, the pair gained after U.S President Joe Biden signed a debt ceiling bill into law over the weekend. On data front, the Final Services PMI rose to 55.2 from 55.1 in the previous month while the market will be looking forward to the result of Manufacturing PMI data on Tuesday. As seen in the chart, the pair is showing a pullback phase after almost testing the long-term MA (100) which acts as a major support level. Buying on lower side may be seen for the day in GBP/USD.

US100 is trading at 14590.3, 0.06% up since previous close. An upside continued to be seen in U.S markets despite mixed view over monetary decision in Fed’s forthcoming meeting which is to be held in next week. The better-than-expected U.S Non-farm Payroll figures can revive the rate hike stance. Besides this, the U.S President Joe Biden signed a debt ceiling bill to avert $31.4 trillion worth of debt repayment till January, 2025 over the weekend which turned out to be positive for US100. The U.S ISM Services PMI fell to 50.3 from 51.9 in the previous month which failed to create any negative effect on US100. As seen in the chart, the index is consistently trading above short-term MA (10) & in the bullish channel pattern. Buying on corrective dips may be suggested further.

GBP/USD is trading at 1.24397, 0.04% up since previous day close. The Sterling Pound turned out to be positive to some extent against the mixed USD ahead of the FOMC meeting with suspicious view over interest rate hike decision which is to be held in next week. Earlier, the pair gained after U.S President Joe Biden signed a debt ceiling bill into law over the weekend. On data front, the Final Services PMI rose to 55.2 from 55.1 in the previous month while the market will be looking forward to the result of Manufacturing PMI data on Tuesday. As seen in the chart, the pair is showing a pullback phase after almost testing the long-term MA (100) which acts as a major support level. Buying on lower side may be seen for the day in GBP/USD.