GBP/USD ticks lower on Thursday and snaps a three-day winning streak to the weekly top. The USD draws support from rebounding US bond yields and exerts pressure on the major. The downtick lacks follow-through as traders look to the BoE before placing directional bets. Spot prices, however, hold above the 1.2700 mark as traders await the crucial Bank of England monetary policy decision before placing fresh directional bets.
2750 horizontal zone, below which spot prices could accelerate the downfall further towards the 1.2715-1.2710 region. Some follow-through selling below the 1.2690-1.2685 region will suggest that the recent strong rally from the YTD low touched in April has run its course and expose the 100-day SMA support, currently pegged near the 1.2640-1.2635 area. The GBP/USD pair could eventually weaken further below the 1.2600 mark and aim to challenge the very important 200-day SMA, around the 1.2560-1.
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