**GBP/USD Price Forecast: Could Climb Further Towards 1.3500 Amid a Weaker USD**
The GBP/USD pair gained positive traction for the second successive day on Thursday, recovering further from its lowest level since early August, around the 1.3250-1.3245 region touched earlier this week. The persistent selling pressure on the US Dollar (USD) remains a key factor acting as a tailwind for the currency pair, which largely shrugged off rather unimpressive UK macroeconomic releases.
The Office for National Statistics (ONS) reported that the British economy expanded by a lackluster 0.1% in August. This figure was in line with consensus estimates but was offset by a downward revision of the previous month’s reading, which showed that the economy had contracted by 0.1%. Meanwhile, UK Industrial Production rose by 0.4% in August, following a 0.4% fall in the previous month.
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**British Pound Braces for Further Losses**
The British pound remains under sustained pressure, driven by a weakening domestic economy and receding inflation concerns. Recent UK macroeconomic data indicate stagnation in the service sector alongside a continued decline in consumer spending.
At the same time, slowing wage growth is providing the Bank of England with greater flexibility to adopt a more dovish stance. Market expectations now point to a high likelihood of a rate cut at one of the bank’s forthcoming meetings.
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