The post GBP/USD rebounds toward 1.3400 as markets look past strong US data appeared on BitcoinEthereumNews.com.

The Pound Sterling (GBP) recovers some ground versus the US Dollar (USD) on Wednesday, though tensions in the Middle East remain high, pushing macroeconomic data releases into the backseat. A better-than-expected employment reading in the US was mainly ignored by traders with their sights set on Friday’s Nonfarm Payrolls report. At the time of writing, GBP/USD trades at 1.3361. Sterling steadies despite Middle East tensions, with traders focused on Friday’s jobs report During the European session, GBP/USD edged towards its daily high of 1.3403 amid relief at a possible de-escalation of the conflict between the US and Iran. Nevertheless, Reuters reported that the “US sub sinks Iranian warship,” triggered a leg-down in the pair. In the meantime, US economic data witnessed the release of the ISM Services PMI for February, which showed that business activity is gathering pace, up from 53.8 a month ago, to 56.1, exceeding estimates for a deceleration to 53.5. Additionally, the ADP Employment Change report in February showed that private companies hired more people than expected, with the print coming at 63K, well above January’s 11K and beating forecasts of 50K. In the UK, the Chancellor of the Exchequer Rachel Reeves said that the “government had the right economic plan” for the country. She acknowledged inflationary pressures due to the Middle East conflict, added that the government is on course to “secure our economy against shocks and protect families from the turbulence that we see beyond our borders.” The aftermath of the Middle East conflict has money markets showing traders trimmed the odds for a rate cut by the Bank of England. The jump in oil prices pushed rate cut odds from 74% to just 25% as of writing, according to Prime Market Terminal data. GBP/USD Daily Chart Ahead of this week, the UK economic docket…

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Filed under: News - @ March 4, 2026 4:30 pm