GBP/USD Price Analysis: Trades with modest losses, holds above 1.2000 ahead of UK/US PMIs GBPUSD Fed Recession Technical Analysis Currencies
touched last week. Spot prices remain on the defensive through the early European session, though manage to hold above the 1.2000 psychological mark, at least for the time being.and looming recession risks. Apart from this, speculations that the Bank of England's current rate-hiking cycle might be nearing the end undermine the British Pound and contribute to a mildly offered tone around the GBP/USD pair.
From a technical perspective, any subsequent downfall is likely to find decent support near the very important 200-day SMA, currently around the 1.1935 region. This is closely followed by last Friday's swing low, around the 1.1915 zone and the 1.1900 mark, which if broken decisively should pave the way for a further depreciating move.
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