Pound Sterling Under Pressure Before BoE Decision

The Pound Sterling (GBP) weakens against the US Dollar (USD) on Wednesday, extending its recent downtrend. The USD remains the dominant currency as investors await

The Pound Sterling (GBP) weakens against the US Dollar (USD) on Wednesday, extending its recent downtrend. The USD remains the dominant currency as investors await the Bank of England’s (BoE) crucial policy decision on Thursday.

GBP/USD Slides: GBP/USD trades at 1.2483, down 0.20%, despite bouncing off the daily low.
BoE Decision in Focus: Uncertainty surrounding the BoE’s potential rate hike is keeping the Pound Sterling under pressure.
Technical Analysis: Downward Bias
- Despite the bounce, the GBP/USD remains technically bearish.
- The Relative Strength Index (RSI) sits in bearish territory, indicating downward momentum.
- A break below 1.2500 could open the door for further losses.

The near-term direction of the Pound hinges on the BoE’s policy announcement and its impact on future interest rate expectations.

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