The GBP/USD pair extends its sideways consolidative price move for the second straight day and remains confined in a narrow range below the 1.2700 mark during the Asian session on Wednesday.
GBP/USD remains confined in a narrow range for the second straight day on Wednesday. The mixed fundamental backdrop holds back traders from placing fresh directional bets. A break below the 1.2645-1.2640 confluence support will pave the way for deeper losses. The lack of any meaningful buying, meanwhile, warrants some caution before positioning for an extension of the recent bounce from the 1.2625-1.2620 region, or the lowest level since mid-May touched last Friday.
A convincing break below will be seen as a fresh trigger for bearish traders and drag the GBP/USD pair further below the 1.2600 round figure, towards testing the next relevant support near the 1.2560-1.2555 zone en route to the 1.2500 psychological mark. On the flip side, the 1.2700 round figure is likely to act as an immediate hurdle ahead of the 1.2720-1.2725 supply zone.
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