GBP/USD Bounces Back: Defends 200-Day SMA and Surpasses 1.2900 Mark
GBP/USD Bounces Back: Defends 200-Day SMA and Surpasses 1.2900 Mark
The GBP/USD currency pair has recently demonstrated resilience, rebounding from a one-month low and reclaiming the 1.2900 level.
This movement is significant as it not only defends the 200-day Simple Moving Average (SMA) but also indicates potential bullish momentum.
GBP/USD reversed its previous decline, moving away from the 1.2835-1.2830 region, the lowest point since mid-August.
The pair successfully defended the 200-day SMA, currently positioned around the 1.2815 region, reinforcing its role as a crucial support level.
By moving above the 1.2900 mark, GBP/USD has cleared a significant psychological barrier, potentially paving the way for further gains.
The Bank of England (BoE) is anticipated to announce its policy decision soon, with expectations of a rate cut due to slowing inflation.
Concurrently, the Federal Reserve's stance will be closely watched, as its policies influence the USD's strength.
