OANDA:GBPUSD is holding lower ground below 1.2650 in European trading on Wednesday. The US Dollar is building its recovery gains amid a cautious mood, ignoring negative US Treasury bond yields. Key US data, BoE and Fed speak awaited for fresh trading impetus.
OANDA:GBPUSD continues to churn at the intraday level, cycling 1.2650 trapped between technical resistance at the 1.2700 handle and rising near-term technical support from the last swing low into 1.2550.
OANDA:GBPUSD has run aground on the 50-day Simple Moving Average (SMA), but the pair is holding onto bull territory after a double bounce from the 200-day SMA near 1.2575.