GBP\/USD extended a fourth daily decline in the Asian session on Thursday, trading around 1.3230\u20131.3225 and holding near its lowest level since early July after touching that mark on Wednesday. The move tracked a firmer US Dollar, which held near a nearly two-week high as expectations tilted towards another Federal Reserve rate rise, even as markets remained cautious ahead of a meeting between US President Donald Trump and China\u2019s Xi Jinping.<\/p>\n\n
Dollar support was reinforced by an S&P Global update showing US business activity accelerated for a fourth straight month in September and reached its fastest growth rate since July 2021, keeping the benchmark 10-year US Treasury yield close to its highest level since 2007. Sterling stayed under pressure as the Bank of England maintained a more cautious hold-or-gradual-easing bias amid stagflation concerns, and a mixed UK business activity release on Wednesday compounded the tone. <\/p>\n\n
Technically, the pair remained below the 100-day SMA and under the 78.6% Fibonacci retracement, with support at 1.3139, while resistance levels were flagged at 1.3254, 1.3344, 1.3408 and 1.3428, and then 1.3471 and 1.3549.<\/p>\n\n\n\n