GBPUSD Analysis: Retraces To 1.2940

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During Tuesday’s trading session, the British Pound was supported by the weekly S1 at 1.2974 to stop the trade at 1.2980 mark. On Wednesday morning, the rate broke the support of the weekly S1 to trade at 1.2951.

In regards to the near-term future, most likely, the British pound will trade downwards to stay at the 1.2900 level during the trading session. Meanwhile, the 55-hour simple moving average will try to catch up the rate to give resistance to the rate on Wednesday.

On the other side, the British pound could trade sideways to stay at 1.2920 level due to a lack of fundamental news for the currency pair during the trading session on Wednesday.

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