GBPUSD keeps bounce off four-month low around mid-1.3000s ahead of Fed
The Relative Strength Index indicator on the four-hour chart stays near 40 and GBP/USD continues to trade below the 20-period SMA, suggesting that buyers are yet to control the pair's action.
1.3000 aligns as significant support and additional losses toward 1.2920 could be witnessed in case this level turns into resistance.GBP/USD has staged a rebound after having tested 1.3000 support but has struggled to preserve its bullish momentum. The pair clings to modest daily gains below 1.
Additionally, newly imposed lockdowns in China due to the surging number of coronavirus cases revived fears over supply chain bottlenecks, further weighing on the market mood. Reflecting the risk-averse atmosphere, the UK's FTSE 100 Index is losing more than 1% on Tuesday and the S&P Futures are down 0.5%.
On the flip side, the greenback stays on the back foot amid falling US Treasury bond yields and helps GBP/USD stay afloat in positive territory. Earlier in the day, the data from the UK showed that ILO Unemployment Rate declined to 3.9% in three months to January from 4.1% but this print failed to trigger a noticeable market reaction. will feature February Producer Price Index on Tuesday. Nevertheless, the risk perception is likely to continue to impact the pair's action in the near term.Interested in weekly GBPUSD forecasts? Our experts make weekly updates forecasting the next possible moves of the pound-dollar pair.
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