GBPUSD: Bears roll sleeve up as cable skids below 50 and 200 EMAs
GBP/USD is currently trading near 1.3600, where the Fibonacci 23.6% retracement of the latest uptrend is located. As long as buyers continue to defend this level, the pair could look to test the 1.3630/1.3640 area and target 1.3660 afterwards.
On the downside, 1.3585 aligns as interim support ahead of 1.3560 . As long as the latter support holds, the near-term outlook is unlikely to turn bearish.GBP/USD has reversed its direction after dropping below 1.3550 on Tuesday but has struggled to preserve its bullish momentum during the European trading hours on Wednesday. The pair faces strong resistance at 1.3630 and buyers could remain hesitant unless that level turns into support. gain traction in the early European morning.
Nonetheless, the latest comments from Bank of England officials made it difficult for GBP/USD to stretch higher. Report before UK Parliament's Treasury Committee, BOE Governor Andrew Bailey noted they had "two-sided risks" to their inflation forecasts. "Higher interest rates will raise unemployment and slow growth," Bailey added.
There won't be any high-tier data releases from the US on Wednesday and investors will keep a close eye on geopolitical developments. In case risk flows continue to dominate the markets in the second half of the day, GBP/USD could stretch higher. Meanwhile, rising US Treasury bond yields are helping the greenback hold its ground, suggesting that GBP/USD's upside could be capped if yields continue to climb.
France Dernières Nouvelles, France Actualités
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