The Pound Sterling (GBP) bounces sharply to near 1.2935 against the US Dollar (USD) in Thursday’s London session after refreshing an almost 11-week low near 1.2830 on Wednesday.
The Pound Sterling rebounds strongly against the US Dollar, which corrects after Wednesday’s rally. The US Dollar should remain well-supported by Trump’s victory in the US presidential election. Investors await the Fed and the BoE’s monetary policy decisions, with markets expecting both central banks to cut interest rates by 25 bps. The Pound Sterling bounces sharply to near 1.2935 against the US Dollar in Thursday’s London session after refreshing an almost 11-week low near 1.2830 on Wednesday.
The GBP/USD pair recovered after discovering buying interest near the 200-day Exponential Moving Average around 1.2860. However, the near-term trend remains bearish as the 20-day and 50-day Exponential Moving Average around 1.2990 and 1.3030, respectively, are declining. The breakdown from the lower boundary of a rising channel on the daily time frame has also added to evidence supporting more downside. The 14-day Relative Strength Index hovers near 40.00.
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