The GBP/USD pair edges lower during the Asian session on Thursday and retreats further from over a three-month top, around the 1.2860 region touched the previous day, in reaction to softer US consumer inflation figures.
GBP/USD drifts lower on Thursday amid the hawkish Fed -inspired USD buying interest. The mixed technical setup warrants some caution before positioning for deeper losses. A daily close above the 1.2800 mark will set the stage for a further appreciating move. Spot prices, for now, seem to have snapped a three-day winning streak and currently trade around the 1.2785 area, down 0.10% for the day.
2750 horizontal zone, below which spot prices could slide to the 1.2715-1.2710 intermediate support. The downfall could extend further towards the 1.2690-1.2685 region en route to the 100-day Simple Moving Average support, currently pegged near the 1.2640-1.2635 area. A convincing break below the latter will be seen as a fresh trigger for bears and pave the way for further losses. On the flip side, positive momentum back above the 1.2800 mark might continue to face resistance near the 1.2855-1.
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