The Pound Sterling (GBP) remained defensive against the US Dollar (USD) for the third consecutive week, as the GBP/USD entered a downside consolidation phase below 1.2700.
The Pound Sterling consolidated its correction from seven-month highs against the US Dollar. GBP/USD looks vulnerable heading into another holiday-shortened week. The Pound Sterling could keep an eye on 1.2400, with a bearish channel in play and RSI below 50.00. The Pound Sterling remained defensive against the US Dollar for the third consecutive week, as the GBP/USD entered a downside consolidation phase below 1.2700.
Apart from these statistics on both sides of the Atlantic, speeches from several Fed policymakers will continue to influence the Fed interest rate expectations, eventually impacting the value of the US Dollar and the currency pair. GBP/USD: Technical Outlook From a short-term technical perspective, GBP/USD is likely to extend the downside break from the rising channel into another week, as the 14-day Relative Strength Index continues to hold below the midline near 40.
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