Pound Sterling Rebounds as Middle East Tensions Ease

The Pound Sterling (GBP) recovers from a five-month low near 1.2400 against the US Dollar as geopolitical concerns surrounding the Middle East subside. The US

The Pound Sterling (GBP) recovers from a five-month low near 1.2400 against the US Dollar as geopolitical concerns surrounding the Middle East subside. The US Dollar Index (DXY) struggles to hold above 106.00 despite hawkish Fed commentary.

Key Factors:

Easing Tensions: Reduced fears of escalating Middle East conflict provide a temporary boost to the GBP.
Hawkish Fed Rhetoric: Continued hawkish guidance from Fed officials supports the USD, but the impact is limited by recent risk sentiment.
UK Retail Data: Stagnant UK Retail Sales for March highlight the impact of higher interest rates on consumer spending.

Technical Analysis:

Bearish Bias Remains: GBP/USD’s bounce from a near five-month low offers a temporary respite, but the broader bearish outlook persists.
Key EMA Resistance: The 200-day Exponential Moving Average (EMA) around 1.2560 acts as a significant barrier for the GBP.
RSI Indicator: The Relative Strength Index (RSI) remains in the bearish range, signaling potential further downside momentum.

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