Pound Sterling Price News and Forecast: GBP/USD remains depressed below 1.3800 on Wednesday
|GBP/USD teases 1.3800 amid risk aversion, FOMC minutes eyed
GBP/USD treads water on Wednesday’s Asian trading session. The pair fell sharply from the high of 1.3898 and touched the intraday low at 1.3773. At the time of writing, GBP/USD is trading at 1.3794, down 0.04% for the day.
The US Dollar Index (DXY), which tracks the performance of the greenback against its six major rivals, stands at 92.55 with minute gains. Investors await FOMC minutes release for an update on the Fed's future guidance on next policy steps. A more hawkish tone could underpin the demand for the US dollar.
GBP/USD Price Analysis: Bears flirt with five-month-old support near 1.3800
GBP/USD bears take a breather around 1.3800, following a U-turn from the one-week top, amid Wednesday’s Asian session. In doing so, the cable takes rounds to an ascending support line from early February.
Given the room between the RSI’s current condition and oversold levels, not to forget the pair’s failure to keep bounce off the stated support line, GBP/USD bears remain hopeful to visit the 1.3670-60 support-zone, comprising 200-DMA and lows marked during March and April.
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