Ella 
GBP/USD briefly tested above 1.3100 on Wednesday as the pair continued to move deeper into bullish territory. GBP/USD is heading for a 13-month high, hitting an intraday high of 1.3112, with GBP/USD likely to break through its highest price since April 2022.
The U.S. Bureau of Labor Statistics reported a sharp drop of more than 800,000 non-farm payrolls (NFP) for the full year ending March, significantly revising previous employment growth data to a lower level. The employment data signal has prompted the market to increase bets on the Federal Reserve (Fed) launching a double rate cut in September. On Wednesday, the latest minutes of the Federal Reserve meeting showed that Fed policymakers had begun discussing the timing of rate cuts as early as July, and bets on rate cuts rose further.
The UK Purchasing Managers Index (PMI) for August, released on Thursday, is expected to rise slightly, with the UK Services Purchasing Managers Index (PMI) rising from 52.5 to 52.8. The manufacturing sector is expected to remain stable at 52.1.
The results of the US Purchasing Managers Index (PMI) business activity survey will also be released on Thursday, and the Jackson Hall Annual Seminar will also open this weekend. The latest Federal Reserve meeting minutes are released on Wednesday, but market forces will generally look to economic data on Thursday to find reasons for market volatility.
The S&P Global Manufacturing Purchasing Managers Index (PMI) is expected to remain stable at 49.6 in August, while the Services Purchasing Managers Index (PMI) is expected to decline 1.0 from 55.0 to 54.0. The opening of the Jackson Hall Seminar is expected to attract a lot of investor attention on Thursday, but the speech by Federal Reserve Chairman Jerome Powell on Friday is expected to set the overall tone for market sentiment next week.
