The GBP/USD pair remains on the defensive below the mid-1.2200s during the Asian session on Monday. Market players await the release of the UK’s Gross
The pair holds below the 50- and 100-hour EMAs on a four-hour chart.The immediate resistance level will emerge at 1.2290; 1.2200 will be the critical support level.
The GBP/USD pair remains on the defensive below the mid-1.2200s during the Asian session on Monday. Market players await the release of the UK’s for the second quarter and the US highly-anticipated Core Personal Consumption Expenditure Price Index data due on Friday. The major pair currently trades near 1.2242, gaining 0.02% on the day.
That said, the hawkish stance from the Federal Reserve officials lifted the US Dollar against the British Pound . Fed Banks of Boston and San Francisco Presidents, Susan Collins and Mary Daly, emphasized that although inflation is cooling down, additional rate hikes would be necessary. This, in turn, might act as a headwind forAccording to the four-hour chart, GBP/USD holds below the 50- and 100-hour Exponential Moving Averages with a downward slope, which means further downside looks favorable.
That said, the immediate resistance level for GBP/USD will emerge near the middle line of the Bollinger Band at 1.2290. The additional upside filter is located at 1.2354, representing the 50-hour EMA. The upper boundary of the Bollinger Band at 1.2383 will be the next barrier for the pair, en route to 1.2432 .
On the flip side, the lower limit of the Bollinger Band at 1.2200 will be the critical support level. Further south, the next stop of GBP/USD is located at 1.2178 . Any intraday pullback below the latter would expose the next downside stop at 1.2128 and finally at 1.2100 .
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