The Dollar fell notably after the U.S. reported that inflation shrunk last month, indicating the likelihood of an interest rate cut in September.
The Pound to Dollar exchange rate's rally has failed again after colliding with a notorious technical barrier and Jerome Powell's sober assessment of the prospect of interest rate cuts.
If the Republicans win big in November, expect a surge in import tariffs to underpin the U.S. Dollar further.
Pound Sterling has now reached elevated levels against the U.S. Dollar and will need Thursday's U.S. inflation release to be soft if it is to break fresh ground.