The GBP/USD pair is seen oscillating in a range during the Asian session on Friday and consolidating the previous day's post-Bank of England (BoE) decline to over a one-month low.
GBP/USD struggles to register any meaningful recovery and hangs near a one-month trough. Bets for an early rate cut by the BoE undermine the GBP and act as a headwind for the major. September Fed rate cut bets cap the upside for the USD and help limit losses for spot prices. A break below 100-day SMA is needed to support prospects for a further depreciating move.
2635 region, before placing fresh bets. Given that oscillators on the daily chart have just started gaining negative traction, the GBP/USD pair might then accelerate the fall towards the 1.2600 mark. The downward trajectory could extend further towards challenging the very important 200-day SMA, around the 1.2560-1.2555 region en route to the 1.2500 psychological mark and the May monthly swing low, around the 1.2445 area.
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