GBP/USD Price Forecast: Holds ground near 1.3200, near-term bias remains bearish
The British Pound (GBP) is up 0.15% at around 1.3245 against the US Dollar (USD) in the early European session on Monday. The GBP/USD pair gains as the British currency outperforms its peers despite market experts questioning hawkish Bank of England (BoE) repricing.
The British Pound (GBP) maintained its position near 1.3200 against the US Dollar (USD) on Monday, reflecting a bearish near-term bias. Despite market experts expressing skepticism about the Bank of England's (BoE) future rate hikes, the GBP/USD pair held ground as the British currency outperformed its peers. The recent decline of GBP/USD has brought it close to the 20-period exponential moving average (EMA) at 1.3387, indicating that rallies are likely to be capped.
Technical analysts note that the Relative Strength Index (14) is in oversold territory, suggesting that the downward momentum may start to ease if sellers hesitate at lower levels. The GBP/USD pair dipped to a low of 1.3205 before closing at 1.3219, remaining within the 1.3190-1.3245 range in the near term. Forecasts suggest that GBP could test the June low of 1.3140 before stabilising.
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