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On Monday, the American investment bank published a note that describes a situation where oil demand is now outstripping supply. Goldman Sachs cited recent crude oil production interruptions.

A stream of soft economic data from the US over the past weeks has been broadly supportive of cable. This change in fundamentals was enough to reverse the bearish trend.

A recovery in GBP/USD was set into reverse on Monday on further evidence that the UK economy is cooling. The services sector, the main cornerstone of the economy, weakened significantly in September.

Commodities opened the week on a bearish note. Crude oil futures tumbled one US dollar to $47. Copper and other industrial metals also resumed their persistent downwards trajectory.

The dollar index edged lower on Wednesday on mixed data. The greenback was weaker against the euro but made gains on the British pound, Canadian and Australian dollars.

Now forming a typical “head and shoulders” pattern GBP/USD is likely to find support around the middle of the 1.54 range. Resistance above 1.56 proved too strong to breach on this attempt.

GBP/USD was testing the middle of the 1.55 price range as traders became more confident that the Fed would not decide to lift interest rates at this meeting. GBP/JPY also moved higher to 187 as sterling extending a two week long rally.

GBP/USD rallied over 1.55 in early trade after some of robust earnings and wage data. Average UK earnings came in with a 2.9 percent gain in July over the prior three months.

The US dollar was higher against commodity currencies on Monday. The greenback was trading up strongly against the Canadian, the New Zealand dollar and was breaking even on the Australian dollar.

Cable continued its bearish trend today pushing down below the 1.53 line. A disappointing outlook on the UK’s service industry was enough to keep the sell orders coming in.