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Forex - Sterling at 7-week highs but rate hike uncertainty caps gains

© Reuters. Sterling hits 7-week highs vs. dollar, rebounds against euro - The pound rose to fresh seven-week highs against the dollar on Tuesday, but gains were held in check amid growing uncertainty over how soon the Bank of England will raise interest rates.

GBP/USD hit highs of 1.5813, the most since June 23 and was last at 1.5805, up 0.18% for the day.

Fears over a global economic downturn, led by a slowdown in China’s economy have intensified in recent days, accelerating a selloff across global markets.

Asian and European stocks rebounded on Tuesday, but shares in China and Japan continued to slump.

Shares in Shanghai fell...