On Wednesday’s Asian trading session, the GBP/USD pair is treading water. From a high of 1.3898, the pair dropped rapidly to an intraday low of 1.3773. GBP/USD is trading at 1.3794 at the time of writing, down 0.04 percent on the day.
The US Dollar Index (DXY), which gauges the greenback’s performance versus six major rivals, is currently trading at 92.55, with minor gains. Investors await the release of the FOMC minutes for an update on the Fed’s future policy recommendations. The demand for the US dollar could be bolstered by a more hawkish tone.
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During Wednesday’s Asian session, GBP/USD bears take a breather at 1.3800, following a U-turn from the one-week high. From early February, the wire makes its way around to an ascending support line.
Given the space between the RSI’s current position and oversold levels, as well as the pair’s failure to keep bouncing off the indicated support line, GBP/USD bears remain optimistic that the 1.3670-60 support zone, which includes the 200-DMA and lows from March and April, will be visited.
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