GBP/USD is likely to slip to near 1.3050
GBP/USD sees a downside to monthly lows at 1.3050 as the Fed looks to return to neutral rates quickly
The GBP/USD pair is oscillating in a wider range of 1.3045-1.3106 over the last three trading sessions. The cable seems to extend losses after tumbling below the April 6 low at 1.3045 as the asset has struggled to surpass the round level resistance of 1.3100 decisively.
If GBP/USD manages to hold on to the current level, a move towards the 1.31 range is expected
Looking at GBPUSD Chart, we can see its been trading in a channel since the 31st of March, bouncing between overhead resistance of 1.318 and a support level at 1.31. Earlier in today’s session, it managed to climb to the 1.316 range, moving away from yesterday’s trending around the 1.31 support level.
