GBP/USD Forex Signal: Possible Support Near $1.2000

that there was some downwards pressure, but I didn’t think we would see any dramatic price movement in the Forex market until the next day’s FOMC release, so all key support and resistance levels in this currency pair were likely to hold that day.The technical picture has become more bearishThe British Pound has been negatively affected by the Bank of England’s indication last week that it expects to hike rates by only another 0.

, leading to an increasing expectation that the Fed will have to hike more later this year to cool the economy sufficiently to keep bringing inflation down.we may have seen the price start to bottom out over the past few hours, after it came within sight of the huge round number at $1.2000It is hard to see what will change the sentiment in favour of the US Dollar which seems to be dominant in the Forex market right now until late tomorrow when Fed Chair Powell speaks.

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