forexeatrading 
- GBP/USD pulls decrease after briefly touching 1.3000 space
- Overbought alerts mirror weakening bullish pressures
- Shopping for the dip may very well be thought of above the 200-SMA
GBP/USD made a modest push into the 1.3000 space following the FOMC coverage assembly on Wednesday, which stored the door open for charge cuts amid ongoing uncertainty concerning the US financial outlook.
The Financial institution of England is subsequent on the calendar at the moment, and the pair is at the moment buying and selling reasonably decrease at 1.2964 after UK claimant counts jumped unexpectedly in February. Whereas the central financial institution is extensively anticipated to carry charges regular, any shifts in its communication tone in response to commerce and geopolitical dangers may generate contemporary volatility.
From a technical perspective, the bulls look like dropping momentum, as indicated by the RSI and Stochastic oscillator, which have been flattening round overbought ranges for the previous two weeks. If the worth slips beneath 1.2950, the 20-day easy transferring common (SMA) may present assist close to 1.2860, whereas the 200-day SMA and the important thing assist trendline at 1.2730 may stop an additional deterioration within the outlook. If these ranges fail to carry, the pair may tumble towards the 50-day SMA at 1.2600.
Within the bullish situation the place the pair resumes its upward trajectory, preliminary resistance may emerge from the ascending trendline at 1.3100. The 2023 excessive of 1.3140 can be inside attain and will act as a barrier earlier than the 1.3265–1.3300 warning zone.
Total, GBP/USD may face some headwinds within the brief time period, as technical indicators counsel the latest upward motion could also be overextended. Nonetheless, any declines are unlikely to considerably dent market sentiment until the worth drops beneath the 200-day SMA and the 1.2730 stage.
