The Pound Sterling holds its rebound from seven-month lows against the US Dollar. GBP/USD stays cautious ahead of Wednesday’s US CPI inflation data. The Pound Sterling faces downside risks , as the daily RSI remains below 50.00. The Pound Sterling is trading on the back foot against the US Dollar , as the GBP/USD pair manages to hold above the 1.2600 level at the start of the week on Monday.
The April low near 1.2540 could come to buyers' rescue then, followed by the 1.2500 round figure. Further south, the 1.2450 static support will challenge the bullish commitments. If buyers defend the 200-day SMA at 1.2587, it could alleviate the near-term selling pressure, allowing GBP/USD to attempt a comeback toward the static resistance shy of the 1.2700 level. GBP/USD must scale the critical confluence resistance at 1.2665 to add extra legs to the rebound toward 1.2700. The 1.
Source: News Formal (newsformal.com)
Pound Sterling US Dollar GBP/USD Rebound Downside Risks RSI Market Nervousness US CPI Data
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