GBP/USD remains pressurized near 1.3720 amid higher USD

• GBP/USD edges lower on Wednesday in the Asian session.
• US Dollar Index rebounds above 93.00 after the previous session’s decline.
• The sterling fails to capitalize on general risk-off sentiment.

GBP/USD edges lower on Wednesday’s  Asian trading session. The pair opened higher but was not able to preserve the momentum.

At the time of writing, GBP/USD is trading at 1.3715, down 0.06% % for the day.

The US Dollar Index (DXY), which tracks the greenback performance against its six major rivals, trades at 93.05 with 0.08% gains amid general risk-off mood.

Investors stayed invested in the US Dollar after upbeat economic data and vaccine optimism. The FDA approved Pfizer/BioNTech COVID-19 vaccine, which was assessed as a booster to control the cases.

New Home Sales in the US  jumped to 1% at 708K in July, in line with market expectations of 700K.

On the other hand, the sterling lost its ground despite the upbeat economic data and risk-on sentiment.

The CBI distributive trades survey’s retail forecast in the UK rose +60 in August well above the market projections of 20.

As for now, investors turn their attention to the UK Markit/ CIPS Manufacturing Purchase Manager Index (PMI), and US Markit Manufacturing PMI to gauge the market sentiment.

GBP/USD additional levels