The GBP/USD pair is currently consolidating between 1.2800 and 1.2890 as traders await decisions from the US Federal Reserve and the Bank of England. The market remains balanced with no clear trend, as indicated by the flat RSI.
Technical Outlook
Over the last four days, the GBP/USD has shown little movement, with neither buyers nor sellers taking a strong position. The RSI is neutral, suggesting a lack of commitment from either side. However, the recent drop from yearly highs indicates a potential bearish trend.
If the GBP/USD falls below 1.2800, key support levels at 1.2778 and 1.2750 could come into play, with further downside risk at the 100-day moving average at 1.2682. On the upside, resistance levels are seen at 1.2888 and 1.2900.
Price Action Analysis
The Pound Sterling has seen minimal gains against the US Dollar, currently trading at 1.2845. Traders are cautious ahead of the Fed’s decision, which is expected to keep rates unchanged but signal a possible shift in policy.
Impact on British Pound
The table below shows the percentage change of the British Pound against major currencies today. The Pound was strongest against the Australian Dollar, but showed mixed performance against other currencies.
Analysis: The GBP/USD pair is in a consolidation phase, with no clear direction at the moment. Traders are waiting for cues from the Fed and the BoE before making any significant moves. The technical outlook suggests a potential downside if key support levels are breached. Overall, uncertainty in the market is keeping the GBP/USD pair range-bound, with potential for volatility once central bank decisions are announced.