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GBP/USD slumps to familiar lows in midweek action as Greenback bids reignite

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GBPUSD News

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GBP/USD backslid into familiar near-term lows on Wednesday as tepid market flows bolstered the US Dollar.

Rate cut hopes slowly bleed confidence on data-thin Wednesday. Risk-off market flows take a step higher, but remain subdued amid low-tier data. The latter half of the trading week kicks off a flurry of top-tier data releases. The Pound Sterling remained pinned on the low side as the pair struggled to stay above 1.2600. Wednesday brought little of note in scheduled releases, with the UK absent from the economic calendar and US New Home Sales Change in May clocking in a -11.

For example, if you pick the British Pound from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent GBP /USD . GBP/USD technical outlook The Cable has extended a two-week backslide as the pair tumbles from the last swing high to 1.2860, shedding the 50-day Exponential Moving Average at 1.2671 and is now within touch range of major technical support from the 200-day EMA at 1.2600. A supply zone priced in above 1.

 

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