GBP/USD portrays a corrective bounce off the short-term key support line while picking up bids to 1.2570 during early hours of Wednesday’s trading. Th
10-week-old descending support line, sluggish MACD signals and the below-50 RSI favor corrective bounce.Pound Sterling traders seek directions from US ISM Services PMI amid light calendar at home.
The Cable pair dropped to the lowest level since June 13 amid broad US Dollar strength before a 2.5-month-long falling trend line joined downbeat oscillators to trigger the quote’s bounce. However, the cautious mood ahead of the US ISM Services PMI for August, expected 52.6 versus 52.7 prior, as well as the final readings of the US S&P Global PMIs for the said month, prod the Pound Sterling traders of late.
Following that, a downward-sloping resistance line from late July, around the 1.2700 round figure, will act as the final defense of the GBP/USD bears.
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