Pound Sterling Price News and Forecast: GBPUSD grinds higher after refreshing the multi-day top

FXStreet Team FXStreet

GBP/USD: Cable seesaws at six-month high ahead of Bank of England-inspired ‘Super Thursday’

GBP/USD remains firmer around the six-month high, making rounds to 1.2420-30 after refreshing the multi-day top, as the Cable pair traders await the Bank of England (BOE) decision during early Thursday. The British Pound recently cheered broadly softer US Dollar as the Federal Reserve (Fed) failed to impress the greenback buyers. However, the fears of a recession in the United Kingdom (UK), highlighted by the recently softer British data, seem to challenge the Cable bulls of late.

Could GBP/USD drop to the 1,1778 level?

The uptrend may be expected to continue, while market is trading above support level 1,2350 – 1,2306, which will be followed by reaching resistance level 1,2667.An downtrend will start as soon, as the market drops below support level 1,2350, which will be followed by moving down to support level 1,2111 and 1,1778.

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