GBP/USD rebounds firmly after testing the yearly lows [Video]

GBP/USD attracts bets to near yearly lows at 1.3000, focus shifts on BOE’s Bailey

The GBP/USD pair is scaling higher sharply after sensing significant bids to near the psychological support of 1.3000. The cable has been strengthened amid weakness in the US dollar index (DXY). The DXY has plunged in the Asian session after failing to sustain above the round level resistance of 101.00. It seems like a rebound in the Wall Street has eased some volatility, which arise due to higher expectations of a mega rate hike by the Federal Reserve (Fed).

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Technical analysis: GBP/USD bearish forces struggle at 1.30 handle [Video]

GBPUSD continues to tackle the 1.3000 barriers, which has proven to be more durable, holding strong since mid-March. That said, the falling simple moving averages (SMAs) are endorsing the descent, and appear to be reinforcing the bearish defences, which are dampening bullish prospects in the pair.

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