In early trading on Wednesday, the Pound Sterling resumed its downtrend against the US Dollar, as the Greenback remained the strongest currency against other peers.
GBP/USD falls 0.20% as market anticipates Bank of England's policy decision. Technically, the pair shows a downward trend, supported at 1.2467 but remains under seller pressure with a bearish RSI. If GBP/USD exceeds 1.2500, resistance may occur at 200-DMA , 1.2594, and May 3 high of 1.2634. Despite printing losses, Cable remains at familiar levels, ahead of the Bank of England monetary policy decision. The GBP/USD trades at 1.2483, down 0.20%.
2500 psychological level, the next resistance would be the 200-day moving average at 1.2543. Once cleared, the next stop would be intermediate resistance at the May 6 high at 1.294, followed by the latest cycle high seen at 1.2634, the May 3 high. GBP/USD Price Action – Daily Chart GBP/USD Overview Today last price 1.2492 Today Daily Change -0.0017 Today Daily Change % -0.14 Today daily open 1.2509 Trends Daily SMA20 1.2484 Daily SMA50 1.2607 Daily SMA100 1.2642 Daily SMA200 1.
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