During early European trading on Wednesday, the pound reversed its direction and advanced against the U.S. dollar.
The pound is now trading at more than a 5-week high of 1.6135 against the greenback, up from an early low of 1.6097. The next upside target level for the pound-greenback pair is seen at 1.62. The pair ended yesterday's deals at 1.6117.
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Forex News
May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.