GBP/USD Price Analysis: The first downside target is seen at the 1.2600–1.2605 zone

The GBP/USD pair trades on a weaker note around 1.2620 during the early European session on Friday.

GBP/USD drifts lower to 1.2620 in Friday’s early European trading hours. The bearish outlook of the pair remains intact above the key EMA; RSI indicator supports the downward momentum. The first upside barrier is seen in the 1.2645–1.2650 region; the 1.2600–1.2605 zone acts as an initial support level. The decline of Pound Sterling is backed by the growing speculation that the Bank of England will begin the rate-cut cycle this year.

Any follow-through buying above the latter will expose the 100-period EMA at 1.2677. The additional upside filter to watch is a high of March 18 at 1.2746, en route to the 1.2800 psychological round mark. On the downside, the lower limit of the Bollinger Band at the 1.2600–1.2605 zone acts as an initial support level for the major pair. A decisive break below this level will pave the way to a low of March 22 at 1.2575. The next downside target is located at a low of February 14 at 1.

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