GBP/USD refreshes daily highs above 1.3770 as USD weakens

• GBP/USD edges higher on Monday in the Asian session.
• US Dollar Index remains below 93.00 following the previous session’s decline.
• The sterling capitalizes gains on the fresh weakness in the US dollar.

GBP/USD edges higher on Monday’s Asian trading session. The pair opened lower but managed to trade higher on broad-based USD selling.

At the time of writing, GBP/USD is trading at 1.3774, up 0.08% % for the day.

The US Dollar Index (DXY), which tracks the greenback performance against its six major rivals, trades below 93.00 with 0.08% losses post FOMC Chairman Jerome Powell comments at the Jackson Hole symposium.

Fed Chair hinted the central bank will likely begin tapering before the end of the year, although it did not imply a direct increase in interest rates. The Fed will continue to hold the existing trade range until the economy reaches conditions with maximum employment and inflation.

On the other hand, the sterling battles with Brexit chaos, Britain’s government has rejected calls from UK Trade body Logistics to temporarily ease post-Brexit immigration rules, which as per them contributing a shortage of truck drivers and acute supply chain disruption.

As for now, investors turn their attention to the US Pending Home Sales data to gauge the market sentiment.

GBP/USD additional levels