Key events today:

01.10 12:15 UTC: USD – ADP Employment Change.

01.10 14:00 UTC: USD – ISM Manufacturing Index.

Recent U.S. job openings data showed that the labor market is slowing, although vacancies rose in August from 7.21 million to 7.23 million. At the same time, the hiring rate fell to 3.2%, the lowest level since June 2024, while layoffs remained low.

The GBP/USD pair strengthened as the British pound (GBP) gained support after the release on Tuesday of stronger UK GDP data for the second quarter. The data showed that the UK economy grew by 1.4% year-on-year, exceeding the preliminary estimate of 1.2%. Quarterly GDP growth remained in line with the preliminary estimate at 0.3%.

However, the pound may come under pressure as Bank of England (BoE) Deputy Governor Dave Ramsden advocated for rate cuts amid growing concerns about the UK labor market. Ramsden also expressed confidence that inflationary pressures will ease, noting that current interest rates remain restrictive.

Recommendations: BUY 1.3495, SL 1.3415, TP 1.3685.