The GBP/USD pair recovers some lost ground and currently trades around 1.2580 on Wednesday during the early European session.
GBP/USD trades on a stronger note near 1.2580 on the weaker USD. The pair keeps the bearish vibe below the key EMA; RSI indicator holds in bearish territory. The immediate resistance level will emerge at 1.2617; 1.2540 acts as an initial support level. The decline of the USD Index and the dismal market mood in the UK economy act as a tailwind for the major pair. Later on Wednesday, the ADP Employment Change and the ISM Services PMI will be due.
2660 region, portraying the 100-period EMA and the upper boundary of the Bollinger Band. A break above the latter will pave the way to the 1.2700 psychological level. Further north, the next upside target is located at a high of March 18 at 1.2746. On the downside, a low of April 1 at 1.2540 acts as an initial support level for the major pair. The additional downside filter to watch is a low of April 1 at 1.2540. A breach of the lower limit of the Bollinger Band at 1.
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