The Pound Sterling (GBP) failed to hold its upswing against the US Dollar (USD), as the GBP/USD correction from seven-month highs of 1.2894 regained traction in the central banks’ bonanza week.
The Pound Sterling extended its correction from seven-month highs against the US Dollar. Dovish BoE vote split spelt doom for GBP/USD buyers, despite a dovish Fed outlook. GBP/USD confirmed a bearish channel on the daily chart, while the RSI points to more weakness. The Pound Sterling failed to hold its upswing against the US Dollar , as the GBP/USD correction from seven-month highs of 1.2894 regained traction in the central banks’ bonanza week.
Amidst light trading on Good Friday, the US Core Personal Consumption Expenditures Price Index data will stand out. Meanwhile, the return of the Fed speakers and the BoE’s Financial Stability Report will also grab some attention. GBP/USD: Technical Outlook As observed on the daily chart, GBP/USD breached the rising channel support at 1.2680 on a daily closing basis on Thursday, confirming a Bearish Channel.
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