GeLunHui September 20th | The British pound's lead in the rise of other currencies this week has received new stimulus, but strategists at JPMorgan Private Bank, State Street Global Markets, and Jefferies Financial say that these increases are looking increasingly fragile. However, the sluggish economic growth in the United Kingdom in the first half of the year, combined with the possibility of a tightening budget by the Labour Party in October, means that there are dark clouds ahead - increasing the likelihood that the Bank of England needs to accelerate the pace of interest rate cuts to protect the economy, while also removing a key support for the British pound. Tim Graf, head of macro strategy for EMEA at State Street Bank, said: "I think the pound against the dollar is surviving by borrowing time. Ultimately, I believe the pound-dollar exchange rate will decline in the next three to six months." Matthew Lundin, a global market strategist at JPMorgan Private Bank, said it makes no sense to chase these trends in the short term. Strategists at HSBC Holdings stated that the current level of the pound "appears unsustainable".