GBP/USD Price Analysis: Clings near 1.2720 followed by the barrier at 14-day EMA

GBP/USD trims intraday losses and attempts to snap its losing streak on Wednesday.

GBP/USD pair could target immediate support around the 50.0% retracement level of 1.2706.

the lagging indicator, suggests a tepid momentum for the pair. The key barrier could be found at the 14-day EMA of 1.2735 level and major resistance of 1.2750 level. The GBP/USD pair hovers near 1.2720 during the Asian trading hours. The market adopts cautious sentiment ahead of the Federal Reserve’s interest rate decision later in the North American session. The GBP/USD pair finds immediate support at the 50.0% retracement level of 1.2706, in conjunction with the psychological level of 1.2700.

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