The GBP/USD pair trades with a mild positive bias around the 1.2775-1.2780 area during the Asian session on Wednesday and remains well within the striking distance of its highest level since March 14 touched the previous day.
GBP/USD attracts fresh buying on Wednesday amid the underlying USD bearish tone. Divergent Fed -BoE policy expectations turn out to be another factor lending support. The technical setup favors bullish traders and supports prospects for additional gains. The US Dollar struggles to capitalize on the overnight bounce from over a two-month low in the wake of rising bets for an imminent interest rate cut by the Fed eral Reserve later this year.
2900 neighborhood or the YTD peak touched in March. On the flip side, the overnight swing low, around the 1.2745-1.2740 region, now seems to protect the immediate downside ahead of the 1.2725-1.2720 area. The latter is followed by the 1.2700 mark, which if broken should pave the way for a slide towards the next relevant support near mid-1.2600s. Spot prices might eventually drop to test sub-1.2600 levels, or the 50-day Simple Moving Average support.
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