Australia Exchange Consultation Today: The pound successfully recovered 1.27, or faced strong resistance in the 2740-1.2750 area

The pound turned downwards against the dollar, falling below 1.2700 on Wednesday before rebounding and is currently trading around 1.2715.Sterling came under heavy selling pressure after UK economic data highlighted the economy's loss of momentum. The S & P Global/CIPS manufacturing PMI fell to 42.5 in August, while the services PMI fell to 48.7 from 51.5 in July.

According to foreign media reports, after the disappointing PMI data, the market believes that the probability of the Bank of England's final interest rate reaching 6% is less than 50%.

Chris Williamson, chief business economist at Standard & Poor's Global Market Intelligence, said that in assessing the details of the PMI survey, "the early PMI survey for August suggests that UK inflation should slow further in the coming months, but also shows that fighting inflation is costly in terms of the heightened risk of recession."

Mr. Williamson added: "While further UK interest rate hikes are likely in September, the August PMI data will fuel speculation that rates may soon peak."

GBP/USD returned to the downside channel, and the Relative Strength Index (RSI) indicator on the four-hour chart fell to 40. 1.2650 (midpoint of the downside channel) was the first support level before 1.2615 (lowest on August 14) and 1.2600 (psychological level, static level).

Buyers may show interest as GBP/USD recovers above 1.2700 and starts using that level as support. In this case, the pair could face strong resistance in the 2740-1.2750 area, which is where the 20 and 100 day moving averages are.

GBP/USD daily chart

At 11:07 on August 24, Beijing time, the pound was trading at 2714/15