GBPUSD policy driven
The British pound remains under downside pressure against the US dollar as buyers struggle to regain price above the 1.2900 resistance level. Going forward, the GBPUSD pair is awaiting Thursday’s Bank of England policy decision, which could prompt further losses towards the 1.2810 level. From a technical perspective, short-term traders are likely to sell any move back towards the 1.2925 level.
If the GBPUSD pair trades below the 1.2925 level, key support is found at the 1.2850 and 1.2810 levels.
If the GBPUSD pair trades above the 1.2925 level, key resistance is found at the 1.2980 and 1.3000 levels.